U.S. Job Gains Accelerate While Wage Growth Slows Sharply
Post date
March 04, 2022
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Reade Pickert, Bloomberg
U.S. hiring boomed in February while wage growth slowed, showing a strong labor market that likely keeps the Federal Reserve on track to raise interest rates this month while offering some respite from strong inflationary pressures.
Nonfarm payrolls increased 678,000 last month—the most since July—after upward revisions in the prior two months, a Labor Department report showed Friday. The advance was broad-based across sectors. The unemployment rate edged down to 3.8%, and average hourly earnings were little changed from the prior month.
Labor demand is likely to continue to exceed supply, limiting the pace of job growth and putting upward pressure on wages.