Don't count the labor market out yet.
The U.S. economy added 311,000 jobs in February, and the unemployment rate ticked up to 3.6 percent, according to the U.S. Bureau of Labor Statistics.
The gains were well above the consensus estimates of around 200,000 new jobs, in another sign that the labor market is stronger than many expected given recent Federal Reserve rate hikes. In January, the U.S. added a whopping half a million jobs, despite expectations of a sizable slow down in hires.
What sectors are driving the gains? Leisure and hospitality, once again leading the charge, added 105,000 jobs, with food services and drinking places adding the lion's share.
Retail, meanwhile, added 50,000 jobs, with general merchandise stores contributing the bulk, and government employment increased 46,000 in February.
On the losing side, the information industry shed 25,000 jobs, and transportation and warehousing lost 22,000 jobs — the second large drop for the sector since the beginning of the year.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
California regulators are preparing to vote on new rules for turning recycled wastewater into drinking water.
Hackers accessed Xfinity customers’ personal information by exploiting a vulnerability in software used by the company, the Comcast-owned telecommunications business announced this week.
Some folks want to leave the cold for a quick getaway. Bobby Laurie, travel expert, joined Cheddar News to provide tips on how and when to look for a winter escape.
Julia Pollak, chief economist with ZipRecruiter, joined Cheddar News to provide tips on navigating a job loss and explain the benefits of working with a recruiter to find new employment.
