US firms lift hiring for 12 months
Print Edition
US employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000.
The Labor Department said yesterday that the unemployment rate fell to 5.5 percent from 5.7 percent. But the decline in the rate occurred mainly because some people out of work stopped looking for jobs and were no longer counted as unemployed.
The strong job gains weren’t enough to boost wages by much. The average hourly wage rose just 3 US cents in February to US$24.78 an hour.
Still, over the past 12 months, 3.3 million more Americans have gotten jobs. More jobs and lower gas prices have led many consumers to step up spending. That’s boosting the economy, offsetting sluggish economies overseas and giving employers the confidence to hire.
The strengthening job market could give the Federal Reserve room to move toward raising interest rates from record lows. Most analysts expect the Fed to pave the way for higher rates by adjusting the statement it issues after its March policy meeting, to be followed by the first hike in June or September.
The dollar rose to an 11-year high against the world’s major currencies and US bond yields jumped yesterday, as US jobs figures reinforced hopes the Fed will push ahead with its first rate hike in almost a decade.
After the jobs report was released yesterday morning, investors sold ultra-safe US Treasuries, a sign that many anticipate a Fed rate hike. The yield on the 10-year Treasury note rose to 2.18 percent from 2.11 percent before the report was issued.
The US job market and economy are easily outpacing those of other major nations. Though Europe and Japan are showing signs of growing more than last year, their economies remain feeble. The eurozone’s jobless rate has started to fall, but at 11.2 percent it remains nearly twice the US level.
The Commerce Department said yesterday that the trade deficit fell 8.3 percent to US$41.8 billion in January from US$45.6 billion in December. The gap reflected a fall in exports by US$5.6 billion to US$189.4 billion. Imports fell US$9.4 billion to US$231.1 billion.
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