U.S. job growth surged in February as the labor market continues to tighten, though wage growth cooled. The Bureau of Labor Statistics reported that Non-Farm Payrolls rose by 313,000 last month, well above the 210,000 expected. This was the largest gain since July 2016. December and January were revised higher by a total of 54,000. Big job gains were seen in construction followed by retail and professional and business services.
However, wage growth cooled rising just 0.1%, below the 0.2% expected, while year-over-year slowed to 2.6% from the 2.9 percent in January soothing fears of wage inflation. Within the report, the Unemployment Rate remained at 4.1 percent; the Labor Force Participation Rate rose to 63% from 62.7%. The U6 number, a measure of total unemployment, remained at 8.2%. Overall, it was a solid report.