Job Market Is Booming, but Ukraine War Could Change That – By Michael Rainey (The Fiscal Times) / March 4, 2022
The U.S. economy added a robust 678,000 jobs in February, the Bureau of Labor Statistics announced Friday, in a report that showed stronger-than-expected growth in multiple sectors, including leisure and hospitality, health care and construction.
The unemployment rate fell to 3.8%, the lowest level since the pandemic began, and both the labor force participation rate and the employment to population rate rose.
Wages, however, barely budged, as average hourly earnings increased by just a penny, to $31.58. Though it’s too soon to say, the lackluster wage growth could be driven by the return of more workers to the job market, which could reduce upward pressure on wages.
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