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Economic News

United States: Employment Rises (Too?) Sharply Once Again

March 10, 2023
Francis Généreux
Principal Economist

According to today's establishment survey, the US economy added 311,000 jobs in February. This comes after an increase of 504,000 in January (revised from 517,000) and 239,000 in December (revised from 260,000). The jobless rate edged up from January's cyclical low of 3.4% to 3.6% in February. The US labour market remains very tight—too tight in the eyes of Federal Reserve officials. Monetary tightening clearly needs to continue. The strength of job creation could warrant a return to outsized rate hikes, but slower wage growth makes the decision less straightforward.