Report Shows Accelerating Job Growth

By Toni Vranjes

March 7, 2014

Payrolls rose by 175,000 last month, a figure that topped economists’ expectations.

The jobless rate increased from 6.6 percent to 6.7 percent, as the nation’s labor force expanded by 264,000, the Labor Department reported today.

up_arrow_6_pt_7Employment growth was up from the previous two months. Revised government data show 84,000 new jobs in December and 129,000 for January. For February, the consensus estimate was 150,000 new jobs, according to IHS Global Insight.

The area of professional and business services performed especially well in February, with a gain of 79,000.

In a post on the White House blog, President Obama’s chief economist Jason Furman emphasized that the stronger pace of job growth occurred despite a huge winter storm on the East Coast.

Over the past four years, the economy has added 8.7 million private-sector jobs, according to Furman. Last month alone, nearly 93 percent of the jobs created were in the private sector.

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