US firms raise hiring to renew hopes in economy
Print Edition
US employers stepped up hiring in February despite a blast of harsh winter weather, likely renewing hopes that the economy will accelerate this year.
The Labor Department said yesterday that employers added 175,000 jobs, up from 129,000 in January. The unemployment rate rose to 6.7 percent from a five-year low of 6.6 percent as more Americans began seeking jobs but many didn’t find them. That’s still an encouraging sign because more job hunters suggest that people were more optimistic about their prospects.
Yesterday’s figures were a welcome surprise after recent reports showed that harsh weather had closed factories, cut auto sales and slowed home sales. Along with a rise in wages last month, the report suggests employers are confident that consumer spending will pick up in coming months.
“If the economy managed to generate 175,000 new jobs in a month when the weather was so severe, once the weather returns to seasonal norms ... employment growth is likely to accelerate further,” Paul Dales, an economist at Capital Economics, said in a note.
The severe winter weather appeared to have had little effect on payrolls. Construction companies, which usually stop work in bad weather, added 15,000 jobs.
Manufacturing gained 6,000 for the second month in a row. Government added 13,000 jobs, the most in six months. Shipping and warehousing companies and retailers cut jobs.
The report presents “a picture of a grinding but positive recovery in the economy,” said Stephen Wood, chief market strategist at Russell Investments.
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