The U.S. economy continued its robust pace of job growth in February, adding 275,000 jobs while unemployment rose to 3.9%.
Jobs in movies and sound recording rose again during the month to 443,200, a gain of 3,200. Jobs in broadcasting and other content providers fell by 1,800, to 341,400, according to data from the Bureau of Labor Statistics.
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Large gains were seen in health care, government and food services and drinking places. The average hourly earnings rose 5 cents to $34.57, following a larger 18 cents increase the previous month.
As is typical, the Bureau of Labor Statistics revised figures from previous month, shaving off estimates for January to 229,000 jobs added, versus 353,000 in the initial estimate, and in December to 290,000, versus the original 330,000 figure.
Mark Zandi, chief economist for Moody’s Analytics, wrote on X/Twitter, “Another month, another good report on the job market. Abstracting from the vagaries of the monthly data, the economy is creating between 200-250k jobs a month, unemployment is hovering just below 4%, and wage growth is just over 4%. Not too hot, not too cold. Just right.”
Jason Furman, Harvard professor who was chair of President Barack Obama’s Council of Economic Advisers, wrote that it was “a soft landing jobs report.”
“Tilts the balance of worry ever so slightly away from inflation and towards recession,” he wrote. “But overall things still looking good. 275K jobs added. Hours up. But unemployment rate from 3.7% to 3.9% while participation flat. Wage growth only 0.1%.”
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