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.
The continued resilience of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
As the Federal Reserve prepares to hold its annual economic conference in Jackson Hole on Friday and Saturday, its policymakers are trying to guide the U.S. economy toward something akin to what's happening in Jackson Hole.
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