(FILES) A 'now hiring' sign is displayed in a retail store in Manhattan on January 05, 2024 in New York City. Hiring in the US stayed robust in February while unemployment crept up, US Department of Labor data showed on March 8, 2024. (Photo by SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFP)
Washington: America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates.
Last month’s job growth was up from a revised gain of 229,000 jobs in January. The unemployment rate ticked up two-tenths of a point to 3.9% but was still the 25th straight month in which it has remained below 4%.
(FILES) A cook works at a restaurant at Chelsea Market in Manhattan on February 2, 2024 in New York City. Hiring in the US stayed robust in February while unemployment crept up, US Department of Labor data showed on March 8, 2024. (Photo by SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFP)
Friday’s government report reflected the job market’s sustained ability to withstand the 11 rate hikes the Federal Reserve imposed to fight inflation, which made borrowing much costlier for households and businesses.
Employers have continued to hire briskly to meet steady demand from consumers across the economy.
(FILES) Construction workers erect a building in downtown Miami, Florida, on June 14, 2023. Hiring in the US stayed robust in February while unemployment crept up, US Department of Labor data showed on March 8, 2024. (Photo by Jim WATSON / AFP)
Yet despite sharply lower inflation, a healthy job market and a record-high stock market, many Americans say they are unhappy with the state of the economy - a sentiment that is sure to weigh on President Joe Biden’s bid for re-election.
Many voters blame Biden for the surge in consumer prices that began in 2021. Though inflationary pressures have significantly eased, average prices remain about 17% above where they stood three years ago.
