United States economy added 313000 jobs in February

Dow surges on strong jobs report

In the private sector, average earnings rose 6 cents ($22.40), Friday's report said.

C ivilian labor force increased by 806 k in February. Investors seem to believe the February numbers will keep the Fed on track to raise interest rates slowly and steadily.

The unemployment rate of 4.1 percent for February has remained so for the fifth consecutive month.

Unemployment benefit applications fell to 210,000 in the previous week, its lowest level since December 1969.

Job creation in the USA economy surged last month, but the annual rate of wage growth slowed. The report said that last month average hourly earnings increased by four cents or 0.1% to $26.75. However, wages are up 2.6% from a year earlier, The Wall Street Journal reported. That was less than a revised increase of 2.8% in January.

"This report shows continued momentum in our economy", said Rep. Kevin Brady (R-TX). The low rate has become one of the more consistently positive labor market trends in recent years.

The job growth rate in the latest report is well above where it has been recently. That was the biggest monthly rise in the labour force since 2003 and boosted the labour force participation rate to 63%. "We've seen people either not leaving or coming back in the labor force as it's gotten tighter". His push to deregulate and lower tax rates appears to be helping as employers invest more in their business and employees.

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Following the the report, stock futures were higher with Dow futures up 150 points, or 0.6%, while S&P 500 futures were up 0.5% and Nasdaq futures were higher by 0.6%. There are members on the central bank committee who want to wait for inflation to pick up before they raise interest rates again.

The commonwealth's rate remained above that of the United States, which also remained unchanged in January at 4.1 percent. That rate, known as the U-6, remains elevated compared with the last time the headline rate touched 4%.

Jed Kolko, chief economist at Indeed, noted Friday that the employment-to-population ratio for prime age workers - or those aged 25-54 - hit 79.3% in February, the highest since the middle of 2008. Construction added 61,000 jobs. Hiring picked up at retailers, manufacturers and local governments, including schools.

Manufacturing added 31 k jobs in February and over the past year manufacturing has added 224,000 jobs.

The pace of hiring has picked up recently.

Other manufacturing sectors where there were jobs gains include wood products (up 3300), furniture and related products (up 1900), nonmetallic mineral products (up 1600), and computer and electronic products (up 1100), according to a breakdown by industry sector.

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