Total payroll employment increased by a net of 313,000 jobs in February, the Bureau of Labor Statistics reported on Friday.
Key Takeaways: Manufacturing employment rose by a whopping 31,000 in February, with the sector continuing to add net new jobs at a solid pace and with average weekly earnings for production workers up 3.8 percent year-over-year. (Some of the post-tax-cut compensation announcements over the past few months were ultimately credited to this pressure.) In February, average hourly wages rose a modest 4 cents, after a 7-cent increase in January.
Wage growth is watched closely by the Fed as evidence of the labour market's strength, and at 2.6 percent year over year remains "disappointing..." A majority of economists - 42% - surveyed by Bankrate.com are expecting four or more rate hikes this year; 37% are projecting three increases. The January report was "a pretty positive backdrop for household income, in stark contrast to last year, when wage growth was stagnant and income growth was slowing on a year-over-year basis".
Manufacturing payrolls are also expected to have gained 15,000 jobs, with robust domestic and global demand, as well as a weaker dollar bolstering the sector.
The latest report marks the 89th consecutive month of job growth, a trend that began in late 2010, as the economy began to pick up steam in the wake of the worst downturn since the Great Depression.
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 1.4 million in February and accounted for 20.7 percent of the unemployed. The three-month moving average in February showed an increase of 10,600 jobs.
BMW M8 Gran Coupe Concept
No timeframe for the i4's entry into the market was announced, but the company is set to deploy a number of models ahead of it. The model debuted at the Geneva Motor Show this week.
The jobs report is a monthly ritual for anyone following markets or the United States economy, as it contains some of the main data points measuring the health of the labor market in the world's largest economy.
US stock markets opened higher in reaction to the US Labor Department's report, which showed the biggest increase in jobs since July 2016.
"The headline number is pretty outstanding", says Cathy Barrera, chief economist at ZipRecruiter, a job recruitment site. "I was happy to see that we are continuing to see growth in manufacturing jobs; we saw significant growth in the second half of 2017", Barrera wrote in an email.
The U.S. stocks were traded higher after the strong job report. That rhetoric was muddied in January when the black unemployment rate spiked.
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