The harsh winter is waning, and the jobs report is defrosting.
The economy added 192,000 jobs last month, and the unemployment rate held steady at 6.7%. Workers shook off the winter, with more Americans entering the job market. The size of the labor force grew by 503,000 and the labor force participation rate rose to 63.2% – the highest since last September.
Hiring in January and February was a bit stronger than previously reported, with revisions adding another 37,000 jobs in the first two months of the year.
Over all, the report is seen as positive, and the hiring trend is moving in the right direction.
Still, while the labor market has “strengthened considerably”, Fed Chair Janet Yellen added a note of caution this week, stating that “the recovery still feels like a recession to many Americans…In some ways, the job market is tougher now than in any recession. While there has been steady progress, there is also no doubt that the economy and the job market are not back to normal health”.