United States: Labor market tightens further in February
Total non-farm payrolls increased by 678,000 in February, following January’s 481,000 increase in payrolls. Employment gains occurred in professional and business services, and leisure and hospitality.
The unemployment rate ticked down slightly from 4.0% in January to 3.8% in February, while the labor force participation rate increased to 62.3% in February—the highest level since March 2020—up from January’s 62.2%. Hourly earnings were flat month-on-month in February (January: +0.6% mom), while annual wage growth dipped to 5.1% from 5.5% in January.