The labor market is almost near full employment, wages are increasing due to an contraction in available employees and the unemployment rate is at 4.7%.
In fact, all sectors of the economy, with the exception of retail and utilities, expanded payrolls in February. Manufacturing employment increased 28,000, the largest increase since August 2013, as rising oil prices fan demand for machinery.
Construction payrolls surged 58,000, the biggest gain since March 2007, boosted by warmer weather.
Retail sector employment fell 26,000 after a gain of 39,900 jobs in January. Retailers including J.C. Penney Co Inc (JCP.N) and Macy’s Inc (M.N) have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations.
The labor market continues to offer hope in this time of political uncertainty, here’s hoping these positive results continue!