678,000 New Jobs Created in February, Far Exceeding Economist ProjectionsUnemployment decreased to 3.8%, a new pandemic low.
By Main Street Sentinel Staff
February’s job numbers are in and they’re even better than expected. The payroll processing company the Bureau of Labor Statistics announced that America added 678,000 new jobs in February, approximately 30 percent more than projected.
Nela Richardson, ADP’s chief economist, said that the jobs numbers amounted to “the strongest reading since the early days of the pandemic recovery.”
Though ADP’s report confirms that last year’s growth of an historic 6.6 million new positions continues unabated, that’s only part of the story. Recent data show that these new jobs have allowed the bottom 50 percent of earners to see their incomes rise at a significantly greater rate than any other group.
A recent report detailing January’s burgeoning retail sales figures makes clear that these jobs have helped open American pocketbooks and stand to fuel the economy’s post-pandemic resurgence.