US Economy Added 678,000 Jobs in Strong February
Summary from the AllSides News Team
The U.S. economy beat expectations and grew strongly in February as the COVID-19 pandemic subsided and society slowly returned to normal.
According to a Friday report from the Labor Department, non-farm employers added 678,000 jobs in February, more than the roughly 440,000 new jobs predicted by the Dow Jones and other economists. The unemployment rate also fell from 4% to 3.8%, the lowest at any point during the COVID-19 pandemic. The labor force participation rate for people ages 25-54 has risen steadily in recent months to roughly 82%, and is approaching its pre-pandemic level of 83%. Wages also continued to grow in February, up 5.1% from the same month in 2021, but only grew slightly from January.
The jobs report was covered across the spectrum, with many framing the data as positive while also analyzing how the Russia-Ukraine conflict could counteract U.S. economic growth. Some left-rated sources highlighted how strong wage gains in recent months seem to have leveled off. Some right-rated outlets highlighted voices who warned that high inflation could still weaken the economy in the coming months.
Featured Coverage of this Story
From the Center
February jobs rose a surprisingly strong 678,000, unemployment edged lower while wages were flat
Job growth accelerated in February, posting its biggest monthly gain since July as the employment picture got closer to its pre-pandemic self.
Nonfarm payrolls for the month grew by 678,000 and the unemployment rate was 3.8%, the Labor Department’s Bureau of Labor Statistics reported Friday.
That compared to estimates of 440,000 for payrolls and 3.9% for the jobless rate.
In a sign that inflation could be cooling, wages barely rose for the month, up just 1 cent an hour or 0.03%, compared to estimates for a 0.5% gain. The year-over-year...
From the Right
US adds 678K jobs in February as businesses recover from Omicron surge
US employers added 678,000 jobs in February, far more than economists expected – in a sign that businesses are returning to normal operations as COVID-19 case totals drop following the Omicron variant surge.
The US unemployment rate was 3.8%, down from 4.0% in January, according to the latest data from the Labor Department’s Bureau of Labor Statistics.
Economists had expected the latest jobs report to show the US economy added 440,000 jobs in February, according to Dow Jones estimates. The national unemployment rate was expected to fall slightly to 3.9%....
From the Left
The U.S. added 678,000 jobs in February. It's another sign of a hot labor market
Hiring accelerated sharply last month as U.S. employers added 678,000 jobs, the largest gain since last July, as a resilient economy continues its recovery from the stubborn coronavirus pandemic.
The unemployment rate fell to 3.8% last month, from 4% in January. Job gains for December and January were also revised up by a total of 92,000 jobs.
The health outlook has improved significantly since a winter wave of infections tied to the omicron variant.
Job gains in February were widespread, with bars and restaurants adding 124,000 jobs, construction companies adding...
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