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Notizie economiche
08.03.2024

U.S. nonfarm payrolls increase more than anticipated in February; unemployment rate unexpectedly jumps

The U.S. Labor Department announced on Friday that nonfarm payrolls increased by 275,000 in February after a downwardly revised 229,000 rise (from 353,000) in January.

According to the report, the largest jobs gains occurred in health care (+67,000), in government (+52,000), in food services and drinking places (+42,000), in social assistance (+24,000), and transportation and warehousing (+20,000). 

The unemployment rate jumped to 3.9 per cent from an unrevised 3.7 per cent in the prior month. This marked the highest rate since January 2022 (4.0 per cent).

Economists had expected the nonfarm payrolls to advance by 200,000 and the jobless rate to remain unchanged at 3.7 per cent.

The labour force participation rate held steady at 62.5 per cent in February, while hourly earnings for private-sector workers inched up by 0.1 per cent m-o-m (or $0.05) to $34.57, following a downwardly revised 0.5 per cent m-o-m climb in January. This represented the weakest monthly rise since February 2022 (+0.1 per cent m-o-m). Economists had predicted the average hourly earnings to increase by 0.3 per cent m-o-m in February. 

Over the year, the average hourly earnings surged 4.3 per cent in February, following a downwardly revised 4.4 per cent soar (from +4.5 per cent) in the previous month. Economists had forecast the annual wage to grow by 4.4 per cent in February.

The average workweek increased 0.1 hour to 34.3 hours last month, matching economists' projection of 34.3 hours.

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