It comes as stock markets in the U.S. and overseas have been rattled by fears of a global slowdown, sparked by worries that China's economic boom is slowing. This eases concerns about the possibility of a recession, it suggests the USA economy is still growing, and it should help risk appetite, and should support the dollar against the yen and the euro. Economists surveyed by CNNMoney had predicted a gain of 190,000 jobs in February. Although the overall numbers regarding the creation of new jobs look definitely positive, there are few reasons to be concerned about some of the underlying numbers from the report. This leaves the average monthly rate of jobs growth over the past three months at an impressive 228,000.
According to Sal Guatieri, a senior economist at BMO Capital Markets, "Neither global headwinds, financial turbulence nor political uncertainty has dimmed American business' enthusiasm for hiring".
Among the major worker groups, the unemployment rates for adult men (4.5 percent), adult women (4.5 percent), teenagers (15.6 percent), Whites (4.3 percent), Blacks (8.8 percent), Asians (3.8 percent), and Hispanics (5.4 percent) showed little or no change in February.
Oil prices might still be the cause of ulcers, but it is the producers feeling today's pain due to the prices being so low.
Fed policy makers have made a point of sticking to their guns, namely that economic growth remains on track and that rates will continue to move higher in the coming months as the economic data warrants such moves. The increases bolstered hopes that a lower unemployment rate had prompted companies to raise pay. In December, the Fed raised rates from record lows - its first increase in almost a decade.
Temp jobs still increased 3.04% year over year, although the growth rate has been trending down.
Total non-farm payrolls employment rose 242,000 last month, beating analysts' expectations for a 195,000 increase. Employment in mining and logging fell by 18,000, and has lost 171,000 jobs since peaking in September 2014.
"Health care and social assistance added 57,000 jobs in February", the report continued.
It's happening. The improving job market is drawing Americans back into the labor force. The almost 2.7 million workers who have been added over the past 12 months have bolstered spending on autos, housing and restaurant meals. Numerous jobs created after the recession were in lower-paid occupations - from cashiers, waiters and store clerks to home health aides and temporary workers. Meager wage gains have been a hallmark of the almost seven-year-old recovery that is the weakest in the post World War II era. They're also expecting some wage growth, with average hourly earnings rising 2.5% compared to February 2015 and 0.2% month-on-month.
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Meanwhile, the Florida Department of Health said 29 Zika cases were reported in the state - the newest case in Seminole County. That same mosquito is found in the Southern U.S. and officials expect they will eventually spread the virus, too.