March 7 (Bloomberg) — Employers added more workers than projected in February, indicating the U.S. economy is starting to bounce back from a weather-induced setback. The jobless rate unexpectedly climbed from a five-year low.
The 175,000 gain in employment followed a revised 129,000 increase the prior month that was bigger than initially estimated, Labor Department figures showed today in Washington. The median forecast of economists in a Bloomberg survey called for a 149,000 advance in February. Unemployment rose to 6.7 percent from 6.6 percent as more people entered the labor force and couldn't find work.
The report indicates employers remain upbeat about the economy's prospects after winter storms and freezing temperatures across the eastern U.S. slowed consumer spending, housing and manufacturing. Lowe's Cos. is among those boosting headcount, setting the stage for further gains as Americans return to stores.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
