Healthcare adds 19k jobs in February; hospitals continue to drive growth

Healthcare adds 19k jobs in February; hospitals continue to drive growth

The number of jobs added exploded passed estimates.

The unemployment rate is still at a 17-year low of 4.1% and the labor-force participation rate rose. Wages are up 2.6 percent in the past year. Experts had forecasted a gain of just 200,000 jobs for the month.

Increasing participation by men of prime working age - between 25 and 54 years - has helped drive the labour force participation rate higher in recent months, reflecting a resurgence in sectors such as manufacturing.

Top officials are hoping the move of workers off the sidelines and into jobs will mean more output and income for the US without wage and inflation pressures becoming so intense that central bank decides it must to hit the brakes on economic growth. "We'll see how long that can continue".

Labor Force: Ticked up to 63%.

Since the end of the Great Recession, manufacturing employment has risen by 1,161,000 workers, with 12.61 million employees in the sector in this report.

Hamrick said the Fed now has the green light for a March rate hike. Over the year, average hourly earnings have increased by 68 cents (+ 2.6 %).

The jobless rate for all adults was 3.7 percent, unchanged from the prior month.

Inflation fears would be dampened if productivity numbers were to rise more sharply.

Construction employment was estimated to increase by 34.4 hours, after slipping to 34.3 hours in January.

The jobs report shows healthy economic conditions at the start of the year, as reflected in both the magnitude of gains as well as the healthy dispersion of job creation. Still, dozens of companies have recently indicated on their earnings calls that they're under pressure to raise wages.

That's good news. Everything above is good news.

Average hourly earnings edged up four cents, or 0.1 percent, to Dollars 26.75 in February, a slowdown from the 0.3 percent rise in January.

Hiring was strong across the board. Construction added 61,000 jobs. There were also increases in payrolls for professional and business services, leisure and hospitality as well as healthcare and social assistance. He explained that anecdotal evidence reports severe labor shortages through many industry and this will ultimately lead to high wages. "The fear is that this could absolutely create a significant problem for the USA and the global economy". But the still slow growth in wages implies that while people who were on the margins are returning to work, the jobs being created are still lower wage.

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