US Economy Adds 275,000 Jobs in February

The U.S. Bureau of Labor Statistics reported the U.S. economy added a stronger than expected 275,000 jobs in February, while unemployment rose during the same period by 0.2%, to 3.9%.

The jobs creation was better than economists surveyed by Reuters had predicted, with their estimates averaging about an additional 200,000 jobs.

In a statement, U.S. President Joe Biden said the jobs added in February bring the total created since he took office in 2021 to nearly 15 million and unemployment has remained under 4% for the longest stretch in more than 50 years.

“Three years ago, I inherited an economy on the brink,” he said. “Now, our economy is the envy of the world.” Biden added that “the American people are writing the greatest comeback story never told.”

The report showed job gains were above the average monthly gain of 230,000 jobs over the past year. Job gains occurred in health care, government, food services and drinking establishments, social assistance, and transportation and warehousing.

The bureau revised downward the job gains reported in December by 43,000, from plus-333,000 to plus-290,000, and the gain for January was revised down by 124,000, from plus-353,000 to plus-229,000. With those revisions, employment in December and January combined is 167,000 lower than previously reported.

The bureau said monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.

Some information for this report was provided by The Associated Press and Reuters.