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A much higher number than the 229,000 added in January
In February, the United States once again saw a month of robust hiring, adding an impressive total of 275,000 new jobs. This figure notably exceeds the 229,000 jobs added in January. Despite a slight increase of two-tenths in the unemployment rate, reaching 3.9%, it remains below 4% for 25 consecutive months.
The March 8 report demonstrates the resilience of the labor market against interest rate hikes. Employers continue to hire to meet consumer demand, with the truck transportation sector adding 1,551 jobs.
The labor force participation rate for individuals aged 25 to 54 remained strong, reaching 83.5%, matching the previous year’s level, the highest since the early 2000s. However, participation among those aged 55 and older remains low compared to pre-pandemic levels, partly due to growth in the real estate and stock markets, which has facilitated retirement for more people. Additionally, average hourly wages have increased by 4.3% over the year, outpacing prices since May, although the rate of growth has slowed.
Many American citizens continue to express dissatisfaction with the country’s economic situation, blaming Biden for the increase in consumer prices that began in 2021. Although inflationary pressures have significantly decreased, average prices remain approximately 17% higher than three years ago.
Consumers are showing confidence in the economy, driving economic growth. Although immigration has contributed to job growth, the modest slowdown in the labor market is perhaps occurring in the least painful way possible, with companies posting fewer job openings rather than laying off workers.
Wage growth, though slightly high, may be sustained due to increased productivity. Some economists argue that wage increases will not necessarily lead to inflation, as companies can pay more while still making profits without raising prices, thanks to increased productivity.
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