The US economy continued its strong pace of job growth in February, adding 275,000 jobs while unemployment rose to 3.9%.
Jobs in film and sound recording rose again during the month, to 443,200, an increase of 3,200. Jobs in broadcasting and other content providers fell by 1,800 to 341,400, according to Bureau of Labor Statistics data.
The health care, government services, food and drinking places sectors saw significant gains. Average hourly wages rose 5 cents to $34.57, after a larger increase of 18 cents the previous month.
As is customary, the Bureau of Labor Statistics revised the numbers from the previous month, lowering the January estimate to 229,000 jobs added, versus the 353,000 jobs added in the initial estimate, and for December to 290,000 jobs, versus the original figure of 330,000 jobs.
“Another month, another good labor market report,” Mark Zandi, chief economist at Moody’s Analytics, wrote on 4%, and wage growth is just over 4%. Not too hot, not too cold. Just right.
Jason Furman, a Harvard professor who was chairman of President Barack Obama’s Council of Economic Advisers, wrote that it was a “quiet jobs report.”
“The balance of concern tips slightly away from inflation and toward recession,” he wrote. “But overall things still look good. 275,000 jobs added. Hours up. But the unemployment rate is from 3.7% to 3.9% while participation has stabilized. Wage growth is only 0.1%.”