February job gains surpassed estimates by over fifty percent.
When economists predict job gains, their opinions are averaged together and then the actual job gains (or losses) are compared to that number. In this case, the original estimate was 205,000 new jobs. The actual number of hires was 313,000.
I don’t know what the future holds, but all the media’s hysteria that Donald Trump would ruin the economy if he was elected President now looks even more delusional!
Bloomberg reports, “U.S. Added 313,000 Jobs in February; Wage Gains Cool to 2.6%.”
The U.S. economy enjoyed the biggest hiring spree since mid-2016 in February as workers streamed in from the sidelines of the labor force, but inflation pressures remained muted amid signs the pay gains that spooked financial markets last month haven’t taken hold.
Payrolls rose 313,000 in February, compared with the 205,000 median estimate in a survey of economists, and the two prior months were revised higher by 54,000, Labor Department figures showed Friday. The jobless rate held at 4.1 percent, the fifth straight month at that level. Average hourly earnings increased 2.6 percent from a year earlier following a downwardly revised 2.8 percent gain.
U.S. stock futures and bond yields rose, as the report signaled the labor market remains strong and will keep driving economic growth. The wage figures show a cooling from a pace that spurred financial turbulence last month on concern that the Federal Reserve could raise interest rates faster.[…]
The participation rate increased to 63 percent, the highest since September, from 62.7 percent the prior month, the biggest monthly gain since 2010.
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