The February jobs report showed that payrolls increased by 311,000 workers last month, faster than expected, as bars and restaurants hired more workers.
FOX Business' Cheryl Casone breaks down February jobs report that beat expectations and a revision to the January report.
U.S. job growth came in stronger than expected in February, boosted by a flurry of hiring at bars and restaurants.in February, the Labor Department said in its monthly payroll report released Friday, easily topping the 205,000 jobs forecast by Refinitiv economists. It marked the second straight month of hotter-than-expected job data after the economy added 504,000 positions in January, a total revised from an initial report of 517,000.
"Those jobs had been slower to return in the early stages of the recovery as consumer spending was heavily tilted toward goods and social distancing measures restrained travel." were concentrated in the leisure and hospitality sector, the hardest hit by the COVID-19 pandemic, and the industry brought on 105,000 new workers in February. Hotels saw payrolls grow by 14,400Employment in the leisure and hospitality industry still remains about 410,000 — or 2.4% — below its pre-pandemic levels.
The burst of hiring by bars and restaurants, which tends to include more lower-paying jobs, could be one reason for the decline in pay last month, according to Baird. Monthly wages rose at the slowest pace in a year, with average hourly earnings growing 4.6% from a year ago, below an estimate of 4.8%. "The fact that such a large portion of the new jobs created were lower-wage positions may help to explain the moderation in wage growth at the margins," Baird said.
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