Economy Adds 262,000 Jobs In February For Reasons That May Not Continue In March
Bush got some good news on the economy this morning when the Labor Department reported that 262,000 new jobs were added in February, making it the strongest month since late last year. However, expect these figures to be revised downward next month, just as January’s previously reported figure of 146,000 new jobs was downgraded today to 132,000.
The preliminary report indicated that warmer weather and decreasing oil prices helped with the job gain, yet oil prices have since spiked upward again, based as you might have guessed on colder weather and increasing overseas demand. So it is not clear if this trend will continue into March. Nonetheless, it is good news and needs to be replicated for the remainder of the year in order to keep pace with population and labor market growth. Yet it needs to be pointed out that the percentage of the population that is working or looking for work is at its lowest level in nearly 17 years.