ALBAWABA - The U.S. economy added 311,000 jobs in February, according to figures released Friday by the U.S. Bureau for Labor Statistics.
The figure surpassed expectations of a net gain of 205,000 jobs for February, according to CNN.
However, February's added positions were way less that a whopping 517,000 jobs added in January.
NEW: The US added 311,000 jobs in February, far outpacing the 225,000 estimated.@Mckonomy breaks down the numbers on Bloomberg Television https://t.co/N1e1erfo8V pic.twitter.com/eqqNXzl2uL— Bloomberg (@business) March 10, 2023
The fluctuation pointed to instability in the labor market, where the unemployment rate inched up to 3.6 percent in February, up from 3.4 percent in the previous month.
The US economy added 311,000 jobs in February, down from January's blockbuster total. The unemployment rate increased to 3.6%. https://t.co/FF6ZF9L92X pic.twitter.com/mKvqvwlqWS— CNN (@CNN) March 10, 2023
The U.S. Federal Reserve has been fighting an uphill battle in the past year to stamp out the nation's highest inflation in four decades. But the labor is undermining the endeavor.
The following graph shows how US Federal Reserve tries to slow down inflation in great detail. Any citizen who does not want to suffer from high inflation should join me in demanding that the @StateBank_Pak publish a similar chart describing how they are pursuing price stability. pic.twitter.com/5tkuLu0vyr— Muneeb Sikander (@MuneebASikander) March 3, 2023
CNN said industries with "notable job gains included leisure and hospitality, retail trade, government and health care."
"After being crushed during the (COVID-19) pandemic, the leisure and hospitality has been steadily adding back employees and trying to meet increased demand from consumers shifting their spending from goods to services."
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