U.S. employers added a robust 678,000 jobs in February, another gain that underscores the economy’s solid health as the omicron wave fades and more Americans venture out to spend at restaurants, shops and hotels despite surging inflation.
The Labor Department’s report this morning also shows that the unemployment rate dropped from 4% to 3.8%, extending a sharp decline in joblessness as the economy has rebounded from the pandemic recession.
The latest jobs data follows recent reports that have shown an economy maintaining strength as new COVID infections have plummeted since late January. Consumer spending has risen, spurred by higher wages and savings. Restaurant traffic has regained pre-pandemic levels, hotel reservations are up and far more Americans are flying than at the height of omicron.
However, this morning’s hiring figures were collected before Russia’s invasion of Ukraine, which has sent oil prices surging and has escalated risks and uncertainties for economies in Europe and the rest of the world. Read the full story.
