By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC
The American job market is offering good news after the latest jobs report was issued by the government.
According to the New York Times, the U.S. added 313,000 jobs in February 2018 (the most since July 2016) with impressive gains across low, middle, and high-wage industries.
For the fifth month in a row, the jobless rate remained at 4.1 percent – a 17 year low.
The number of American filing for unemployment benefits increased 3,000 to a seasonally adjusted 229,000 for the week ended March 17. Claims for the week ended February 24 dropped to 210,000 – the lowest level since December 1969. CNBC reported that the labor market is considered to be near or at full employment.
Job creation, a strong labor market, and steady consumer spending are all signs of the US economy’s fundamental strength. Modest wage growth has defused concerns that competition for workers was driving up salaries and igniting inflation.
“I love it,” said Ellen Zenter, chief United States economist at Morgan Stanley. “We were able to create enough jobs to accommodate new seekers and keep the unemployment rate steady.”
President Trump relayed the news in capital letters: “JOBS, JOBS, JOBS!”
Last month’s numbers could establish a baseline to measure the impact of the administration’s new tariffs on steel and aluminium.
- 26 Mar, 2018
- Josh Smith