The Bureau of Labor Statistics has just released its jobs report for February 2023.
It shows that payroll growth was 311,000, which remains very strong. Hourly earnings grew by 4.7 percent over the past year, but only about 3 percent in the past two months. On the household side, the unemployment rate ticked up slightly to 3.6 percent, as labor force participation picked up a bit. Overall, the data are consistent with a job market that has cooled just slightly but remains very strong – and one that Jay Powell and the Fed are determined to cool even more through interest rate hikes to bring down inflation.
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