The U.S. economy added 311,000 jobs in February, way above the 225,000 Dow Jones estimate but significantly fewer than the revised 504,000 increase in January.
The unemployment rate rose slightly to 3.6% in February from 3.4% reported in January. The labor force participation rate rose to 62.5%, its highest level since March 2020.
The Leisure and Hospitality sector led job growth, adding 105,000 jobs in February.
- Retail added 50,000, and Government roles rose by 46,000.
- Professional and Business Services gained 45,000 jobs, and Healthcare added 44,000 jobs in February.
- Women in the workforce grew to 77.8 million in February, and their labor participation rate returned to pre-pandemic levels a year after the men.
- February’s jobs report was one of the economic indicators Fed Chairman Jerome Powell said officials would review when deciding how much to rate interest rates at their March 21-22 meeting.
- U.S. stocks closed lower, with the Dow losing 345.22 points or 1.07%, the S&P 500 lost 1.45%, and the Nasdaq lost 1.76%.
