Hiring surge added 3.1 lakh jobs in Feb

US employers went on a hiring binge in February, adding 313,000 jobs, the most in any month since July 2016, and drawing hundreds of thousands of people into the job market, reports AP from Washington.

The Labor Department said wage gains, meanwhile, fell from January to 2.6 percent year-over-year. Strong hourly wage growth had spooked markets last month because it raised the specter of inflation. But January's figure was revised one-tenth of a point lower to 2.8 percent.

The influx of new workers kept the unemployment rate unchanged at 4.1 percent.

The surge of job gains may reflect, in part, confidence among some businesses that the Trump administration's tax cuts will accelerate growth.

Consumers are also benefiting from higher after-tax income, which grew last month at the fastest

pace in a year, aided by the tax cuts.

In the meantime, economists are calculating how the Trump administration's decision Friday to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum might affect the job market. The Trade Partnership, a consulting firm, estimates that the tariffs will eliminate roughly 145,000 jobs.

 

Hiring surge added 3.1 lakh jobs in Feb

US employers went on a hiring binge in February, adding 313,000 jobs, the most in any month since July 2016, and drawing hundreds of thousands of people into the job market, reports AP from Washington. The Labor Department said wage gains, meanwhile, fell from January to 2.6 percent year-over-year. Strong hourly wage growth had spooked markets last month because it raised the specter of inflation. But Januarys figure was revised one-tenth of a point lower to 2.8 percent. The influx of new workers kept the unemployment rate unchanged at 4.1 percent. The surge of job gains may reflect, in part, confidence among some businesses that the Trump administrations tax cuts will accelerate growth. Consumers are also benefiting from higher after-tax income, which grew last month at the fastest pace in a year, aided by the tax cuts. In the meantime, economists are calculating how the Trump administrations decision Friday to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum might affect the job market. The Trade Partnership, a consulting firm, estimates that the tariffs will eliminate roughly 145,000 jobs.