Weather weathered, employers add jobs in February
Employers added 175,000 new jobs in February and a growing labor force pushed up the unemployment rate a tick, the government said Friday in a report that snapped a down streak and suggests the U.S. economy weathered months of unusually bad weather.
Mainstream economists had expected job growth in the ballpark of 150,000 jobs, so Friday's report was a pleasant surprise after very weak reports in December and January.
The jobless rate rose a tenth of a percentage point to 6.7 percent, and odd as it seems that's a good thing. The rate rose as more workers entered the work force, pushing up the labor force participation rate to 63 percent. Even if more of the workers are unemployed, they are actively seeking work, suggesting the perception of opportunity is improving.
Leading the sectors, the white-collar category of professional and business services added 79,000 jobs in February.
Cementing the view that a brutally cold and snowy winter hit hiring, the Labor Department revised December and January estimates by a combined 25,000, suggesting the dismal reports in those months weren't because of incomplete data but rather bad weather.
The U.S. trade deficit widened slightly in January as a rise in imports of oil and other foreign goods offset a solid increase in exports.
Several years of severe weather is costing Illinois homeowners more for insurance through one major carrier.
Like any successful coach, Jon Gruden understands the importance of statistics. He doesn't like the numbers he's seeing about youth sports participation and funding.
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