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.
Rite Aid’s plan to close more stores as part of its bankruptcy process could hurt access to medicine and care, particularly in some majority Black and Hispanic neighborhoods and in rural areas, experts say.
Taylor Swift's concert tour has dominated the box office in recent days and it's also the top-grossing concert film of all time here in the U.S. But a conversation on social media raised questions about movie etiquette and videos shared show film audiences singing, shining their phone flashlights and dancing in the aisles.
Stocks fell at the open Tuesday as the 10-year Treasury yield spiked following retail sales data and bank earnings, raising concerns over more rate hikes. Investors are also keeping an eye on tensions in the Middle East and its potential effect on global markets.
