Strong job growth continues in February
Research - MARCH 10, 2023

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Strong job growth continues in February

by Loretta Clodfelter

Strong job growth continued in February, with an increase in nonfarm payroll employment of 311,000 jobs, according to the Bureau of Labor Statistics — exceeding consensus expectations.

But the full report showed mixed news. The unemployment rate edged up to 3.6 percent, however, and average hourly earnings rose 0.02 percent in February — the smallest increase in the past year — and are up 4.6 percent year-over-year. Employment gains in December and January were revised down to 239,000 and 504,000, respectively.

According to a rapid reaction comment from Oxford Economics: “The moderation in job growth in February confirms that job gains in January were inflated by unusually warm weather and seasonal adjustment quirks. However, the pace of job growth is surely still too rapid for the Fed's l

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