Published: Sat, March 10, 2018
Markets | By Noel Gibbs

March Jobs Report Show Strong, Stable, Growing Economy With 313000K Jobs Created

March Jobs Report Show Strong, Stable, Growing Economy With 313000K Jobs Created

Pennsylvania's unemployment rate held steady at 4.8 percent in January, the Department of Labor & Industry said Friday.

Last month, the construction sector add 61k jobs.

The 313,000 jobs that the nation added in February are far more than are needed to keep up with population growth and continue a surprising burst of job creation to start the year.

March Jobs Report Show Strong, Stable, Growing Economy With 313000K Jobs Created
March Jobs Report Show Strong, Stable, Growing Economy With 313000K Jobs Created

The pickup in wage growth last month helped trigger the stock market's first correction, or drop of more than 10%, in two years, as investors became concerned that a heating economy would prompt the Federal Reserve to raise interest rates faster than expected.

Economists expect the unemployment rate to fall to 3.5 percent this year.

Although the province's unemployment rate nudged up one-tenth in February, B.C. still has the lowest jobless rate in the country at 4.8 per cent. The share of Americans participating in the labor force rose by 0.3 percentage point to 63.0% in February. Many more people are working, including people who hadn't even been in the labor force.

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In January, wages picked up a rate unseen since 2009. The largest increases were in the transportation equipment (up 8,200, with motor vehicles and parts up 6,200), fabricated metal products (up 5,900), machinery (up 5,600), primary metals (up 3,700), wood products (up 3,300), furniture and related products (up 1,900), petroleum and coal products (up 1,800) and nonmetallic mineral products (up 1,600), among others.

People working part-time for economic reasons rose by 171,000 to 5.16 million.

Employment gains were led by the construction sector, which added 61,000 jobs, the most since March 2007. All levels of government added 26,000 workers, also the best gain since July 2016.

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December and January's job numbers were both revised upwards, going from 160,000 to 175,000 and 200,000 to 239,000 respectively. That runs counter to economists' expectation for hiring to broadly ease as the labor market tightens. Since October, average hourly earnings are up more than 1 percent, which if annualized comes to 3.2 percent, meaning that despite a soft February number this winter has been a time of acceleration in wage growth.

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