The U.S. added 678,000 jobs in February and the unemployment rate fell again even as businesses grappled with the worst labor shortage in decades, signaling the economy is picking up after a slow start to the year.
The numbers: The increase in hiring last month — the biggest in seven months — exceeded forecasts. Economists polled by The Wall Street had estimated 440,000 new jobs.
Hourly wages only rose 1 cent to $31.58 in February, but worker pay is climbing at the fastest rate since the early 1980s. People who got sick from the highly contagious variant have returned to work. Governments have dropped business restrictions and companies have stepped up hiring efforts to try to cater to high demand for their goods and services.
The economy would have about 3 million more workers if the so-called participation rate in the labor market was the same now as it was before the pandemic. Over the past year the average paycheck has increased by 5.1% — one of the fastest increase since the early 1980s.
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