Job growth gained ground in February, posting the biggest monthly gain since July
According to the latest data from the Labor Department, the non-farm payrolls grew by 678,000 in February, and the unemployment rate came in at 3.8%. Both figures came in better than 407,000 and 3.9%, respectively forecasted.
Leisure and hospitality led the way, adding 179,000 jobs for the month. It was followed suit by professional and business services – 95,000 and health care – 64,000.
The figures showed that the market has started to bring employed Americans closer to the pre-pandemic level, though still short by 1.14 million. Labor shortages continue to be a significant obstacle to filling the 10.9 million jobs open at the end of 2021.
Markets didn’t pay much attention to the readings, as investors focused on the Russia-Ukraine war.
Sources: cnbc.com, forexfactory.com