U.S. adds 678,000 jobs in February, unemployment rate drops to 3.8%

The United States (U.S.) economy boasts of adding 678,000 more jobs in February. U.S. Labor Secretary, Marty Walsh remarked: “our economy is strong.”

According to the Labor Department’s report on Friday, March 4th, 2022, unemployment rate has dropped from 4% to 3.8%, extending a sharp drop in joblessness as the economy has rebounded from the pandemic recession.

Average hourly pay barely rose last month but has increased 5.1% in the past year, a sign that companies feel compelled to raise wages to attract and keep workers

Despite surging inflation, more Americans venture out to spend at restaurants, shops and hotels.

President Biden said that February’s report shows that his economic plan is working, citing 7.4 million jobs added since he took office last year.

In his statement, he said: “Today’s report shows that my plan to build an economy from the bottom up and the middle out is working to get America back to work.

“Since I took office, the economy has created 7.4 million jobs. That’s 7.4 million jobs providing families with dignity and a little more breathing room. We are building a better America.

“In February, the economy created 678,000 jobs, following the greatest year of job growth in American history and the fastest economic growth in almost 40 years,” the President continued. “The unemployment rate ticked down to 3.8 percent.”