Surprise! Economy Added 236,000 Jobs In February, Unemployment Falls To 7.7 Percent

It’s Jobs Report Friday, and the February numbers, expected to show a net gain of 160,000 jobs with steady unemployment, instead showed 236,000 new jobs and the unemployment rate dropping to 7.7%. These were the largest monthly gains since last February. Gains were posted in nearly every private-sector category; government employment dropped modestly by 10,000 jobs.


It wasn’t all good news: the January jobs increase was adjusted downward by 38,000 (with a smaller upward adjustment for December). And despite the unemployment rate being the lowest since December of 2008 (!), the workforce participation rate remains stagnant.

Overall, the news was good enough to spur talk of a stock sell-off in anticipation of a possible relaxation of quantitative easing by the Federal Reserve Board. It will be interesting to see how Republicans spin the numbers: perhaps they will say the improvements were a joyful private-sector anticipation of the public-sector spending cuts created by the sequester! You never know what these birds will come up with next. But it’s not a good morning for Peggy Noonan, whose Friday column lectured Barack Obama for letting the jobs situation deteriorate while he played his budget games.

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}