US Adds 311,000 Jobs in February, Unemployment Rises to 3.6%
Summary from the AllSides News Team
The U.S. economy added 311,000 jobs in February, more than the 225,000 Dow Jones estimate, and unemployment rose to 3.6%, according to the Labor Department.
The Details: Unemployment also rose more than expected; economists widely expected it to remain at 3.4%. Meanwhile, the labor force participation rate climbed to 62.5%, its highest level since March 2020. The pre-pandemic rate was 63.3%, meaning that millions of individuals have since left the workforce and not returned. Average hourly earnings rose 0.2% from January and 4.6% from a year ago, below the estimates for 0.4% and 4.8%, respectively.
For Context: The growth was less than the 517,000 jobs added in January, but still more than expected. Monthly jobs reports are taken as an indicator of economic and labor market health, especially as the Federal Reserve continues to raise interest rates.
How the Media Covered It: Sources across the spectrum framed the report as positive, and as a sign that interest rate hikes haven't had an overly negative impact on the economy. Washington Examiner said the data "provide reassurance about the strength of the economy." Associated Press said the report "made clear that the nation’s job market remains fundamentally healthy."
Featured Coverage of this Story
From the Center
Payrolls rose 311,000 in February, more than expected, showing solid growth
Job creation decelerated in February but was still stronger than expected despite the Federal Reserve’s efforts to slow the economy and bring down inflation.
Nonfarm payrolls rose by 311,000 for the month, the Labor Department reported Friday. That was above the 225,000 Dow Jones estimate and a sign that the employment market is still hot.
The unemployment rate rose to 3.6%, above the expectation for 3.4%, amid a tick higher in the labor force participation rate to 62.5%, its highest level since March 2020.
The survey of households, which the...
From the Left
US adds a robust 311,000 jobs despite Fed’s rate hikes
America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation.
The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching for work but not all of them found jobs.
Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up...
From the Right
Economy again beats expectations with 311,000 jobs in February, unemployment rises to 3.6%
The economy gained 311,000 jobs in February, more than expected, in another sign that the Federal Reserve’s interest rate hikes have not substantially harmed the strong labor market.
The new figures reported by the Bureau of Labor Statistics on Friday morning provide reassurance about the strength of the economy. The unemployment rate ticked up to 3.6%, which is a low figure by historical standards, as more people entered the labor force.
The stronger jobs report shows that the central bank's rate hikes aren’t yet having the punch officials want, and it could cause the Fed to...
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