Washington (EFE).– The Unemployment rate in the United States, it rose two-tenths in February to 3.6%, according to data released by the Bureau of Labor Statistics (BLS).
In the second month of the year, 311,000 jobs were created206,000 less than those created in January, at a time when the Federal Reserve is closely watching the effects that interest rate hikes – approved to reduce inflation – are having on economic development, and especially on the labor market.
This increase in the rate comes after three consecutive months in which unemployment has fallen and it could reflect the beginning of the easing of the labor market that the Fed foresees as a result of its restrictive monetary policy.
Based on this number, i inflation for February, which will be published next weekThe Federal Reserve will decide on the amount of the next interest rate hike it will announce after the next meeting of its Open Market Committee, which will be held between March 21 and 22.
Although this is still a solid figure, 311,000 jobs created are far below more than half a million (517,000) created during January, and also below the average for job creation in 2022 (401,000).
He Thus, the number of unemployed is 5.9 million, in a month that saw “significant increases” in job openings in leisure and hospitality, retail, government and healthcare. However, jobs were lost in the transport, storage and information sectors.
The BLS further revised last year’s numbers and noted that the total nonfarm payrolls for March 2022 were revised upward by 568,000, so last year, half a million more jobs were created than registered.
According to published data, in January the average hourly wages of all employees in private nonfarm payrolls rose 10 cents, or 0.3%, to $33.03 a day. On an annual basis, the average hourly wage increased by 4.4%.
These data are known in a sensitive economic context, when all eyes are on possible consequences interest rate increases for the American labor market.
Last month, The Federal Reserve announced its eighth consecutive hike and now they are in the bifurcation between 4.5% and 4.75%, which is the highest figure in 16 years.
The Fed warned that while job creation remains one of the regulator’s main mandates, the labor market is likely to suffer over the coming months.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
