- 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.
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.