U.S. Economy Adds 273,000 Jobs in February, Surging Past Economists’ Expectations

by Alex Tostado

WASHINGTON, D.C. — The U.S. economy added 273,000 nonfarm payroll jobs in February, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by The Wall Street Journal had forecast an increase of 175,000 jobs. The unemployment rate remained unchanged from January at 3.5 percent.

The BLS revised both January and December 2019 job totals up by a combined 85,000 jobs. The BLS now reports December added 37,000 jobs for a total of 184,000. January’s total stood at 273,000 jobs, up 48,000 from the original report. After revisions, job gains have averaged 243,000 per month over the past three months.

Food services and drinking places added 53,000 jobs in February. Employment in the industry has increased by 252,000 over the past seven months, following a lull in job growth in the sector in the first half of 2019.

The leisure and hospitality sector added 51,000 jobs, though it is worth noting that the BLS expects disruptions caused by the coronavirus to be reflected in the March jobs report. The healthcare sector added 32,000 jobs in February.

Retail trade lost 7,000 jobs. Transportation and warehousing lost 4,000 for a net loss of 16,000 jobs in the early part of 2020.

In February, average hourly earnings for all employees on private nonfarm payrolls increased by 9 cents to $28.52. Over the past 12 months, average hourly earnings have increased by 3 percent.

Additionally, the labor force participation rate remained steady from January at 63.4 percent.

— Alex Tostado

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