US economy added 275,000 jobs in February; labor market continues steady growth

Alicia Wallace, CNN | 3/8/2024, 7:55 a.m.
The US economy added 275,000 jobs last month, the Bureau of Labor Statistics reported Friday, as the labor market continues …
People work at a restaurant at Chelsea Market in Manhattan on February 02, in New York City. Mandatory Credit: Spencer Platt/Getty Images via CNN Newsource

The US economy added 275,000 jobs last month, the Bureau of Labor Statistics reported Friday, as the labor market continues to beat expectations.

Economists had expected a net gain of 200,000 jobs in February and for the unemployment rate to be unchanged at 3.7%, according to FactSet estimates.

The unemployment rate climbed higher to 3.9%, from 3.7% the month before.

It’s the 25th consecutive month that the nation’s jobless rate has been below 4%, the longest stretch in more than 50 years.

Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth is at 290,000 (down from 333,000).

The labor force participation rate held steady at 62.5% for the third consecutive month.

Average hourly earnings inched up by 0.1% from December, slower than that 0.3% growth that economists expected. On an annual basis, wage growth slowed to 4.3%.

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