KEY TAKEAWAYS:
- The U.S. economy added 273,000 jobs in February, roundly beating market expectations. Earlier this week, ADP estimated the U.S. would add 183,000 jobs in February.
- The number of jobs added in December 2019 and January 2020 were also revised upward by 37,000 and 48,000, respectively.
- Since December 2016, the U.S. economy has added 6.8 million jobs.
- The unemployment rate fell as a result, dropping 0.1 percentage point from 3.6 to 3.5. The unemployment rate has been at or below 3.6 percent for the last six months.
ECONOMIST CORNER:
February’s strong job report demonstrates the continued strength of the U.S. labor market in this record-long expansion. These numbers should provide a strong cushion against any adverse economic reaction to Coronavrius. The tight labor market should continue to put upward pressure on wages, which have benefited low-income workers the most.