For the 5th consecutive month, the rate of unemployment in the US remained unaltered at 4.1%. This is a seventeen year low, as quoted by the NY Times. 100s and 1000s of workers were added to the workforce. This has perplexed the analysts who insisted that the workforce is depleting.
A victorious combination of swelling workforce and huge creation of jobs have indicated the strength of the US economy. Morgan Stanley Chief US Economist Ellen Zentner said that this is really amazing. It was possible to create adequate numbers of US Jobs to cater to new job seekers and this kept the rate of unemployment steady, he added.
The workers were meanwhile not much enthused owing to the moderate 0.1% hike in earnings per hour. After October, the yearly growth of wages for the month-on-month basis was increasing at a much faster pace. This was in comparison with the typically slow pace that downgraded the living standards for millions of low-income US nationals.
Some of the gains of US Jobs were actually reversed in February. This left the average of 12 months at 2.6%. It was more than the previous year’s average. It was; however, lower than what a tight job market must result in according to several economists.
The overall US Job market report for February 2018 was a dream for the Wall Street. There was a sizeable increase in the average earnings per hour in January.
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