America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates. Last month’s job growth marked an increase from a revised gain of 229,000 jobs in January.
FILE - A construction worker looks up at the I-10 freeway, which was closed by fire on Nov. 19, 2023, in Los Angeles. On Friday, March 8, 2024, the U.S. government issues its February jobs report. FILE - An employee straightens displays at a Kohl’s store in Clifton, N.J., Jan. 26, 2024. On Friday, March 8, 2024, the U.S. government issues its February jobs report. Job seeker Johannes Oveida looks over a brochure at a job fair at Lehigh Carbon Community College in Allentown, Pa.
The February figures will likely make Fed officials more comfortable about cutting rates sometime in the coming months. With December and January job gains revised sharply down, wage growth easing and the unemployment rate up, the Fed’s policymakers aren’t likely to worry about an overheating economy. Most economists and Wall Street traders expect the first rate cut to come in June. The Fed stopped raising rates in July and has signaled that it envisions three rate cuts this year.
When the Fed began aggressively raising rates in March 2022 to fight the worst bout of inflation in four decades, a painful recession was widely predicted, with waves of layoffs and high unemployment. The Fed— way down from a year-over-year peak of 9.1% in 2022 and edging closer to the Fed’s 2% target. Unemployment is still low. And no recession is in sight.
Even though the Labor Department’s revisions shaved 167,000 jobs from its previous estimate of December and January hiring, acting Labor Secretary Julie Su noted Friday that even counting those downward revisions, job growth has averaged an impressive 265,000 over the past three months. Hana Haseman, the human resources manager for Active Learning Centers, a chain of childcare facilities in the Allentown region, needs to fill about 10 full-time openings. The company increased wages a few years ago to as high as $20 an hour. But Haseman said raising pay is only part of the challenge.
Consider Elizabeth Toenyes, who medically retired as an Army captain in 2022 after undergoing hip and shoulder surgeries and receiving a diagnosis of PTSD. A former public affairs office, Toenyes, 29, began seeking a job in public relations or a related field.
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