Report | United States Employment Update - March 2018
The 313,000 net new jobs created in February represented the highest monthly level of job creation since mid-2016. Growth was found throughout the labor market, with goods-producing sectors such as construction, retail and manufacturing in particular holding firm and, in the case of retail trade, rebounding after months of losses. Gains were also possible as a result of a sharp increase in labor-force expansion, which boosted labor force participation and kept unemployment at 4.1 percent rather than declining further. From both the labor-market perspective as well as that of the broader economy, 2018 has been off to a strong start. Job growth continues apace even with talent shortages and employment occurring faster than the labor force can expand. Although certain areas such as wage growth have fallen somewhat below expectations, overall sentiment is highly positive, with a combination of healthy business investment and consumer spending to drive economic activity in the coming quarters.
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