U.S. economy added 275,000 jobs in February

The U.S. Bureau of Labor Statistics reported that the U.S. economy added 275,000 jobs in February, stronger than expected, while the unemployment rate rose 0.2% to 3.9% during the same period.

Job creation was better than forecasts by economists polled by Reuters, who estimated an average gain of about 200,000 jobs.

U.S. President Joe Biden said in a statement that the job gains in February brought the total number of jobs created since he took office in 2021 to nearly 15 million, with the unemployment rate at its longest stretch in more than 50 years. remain below 4%.

“Three years ago, I inherited an economy that was on the edge,” he said. “Now, our economy is the envy of the world.” Biden added, “The American people are writing the greatest comeback story ever told.”

The report showed that job growth over the past year was higher than the average monthly job growth of 230,000. Job growth occurred in health care, government, food services and drinking establishments, social assistance, and transportation and warehousing.

The bureau lowered December’s reported job growth by 43,000 jobs, from +333,000 to +290,000, and January’s job growth was also revised down by 43,000 jobs.
124,000, from +353,000 to +229,000. After these revisions, employment in December and January combined was 167,000 lower than previously reported.

The monthly revisions result from additional reports received from businesses and government agencies since the last estimate was released, as well as a recalculation of seasonal factors, the bureau said.

Information for this report was provided in part by The Associated Press and Reuters.