JUST IN: U.S. employers added 678,000 jobs in February, while the nation's unemployment rate fell to 3.8%.
Hiring across the U.S. surged last month as the economy continued to recover from a labor market slowdown caused by the COVID-19 Omicron variant.on Friday, exceeding analyst forecasts of around 440,000 jobs. That's an increase of 200,000 from the previous month and the strongest month for hiring since October of last year. The unemployment rate fell to 3.8% as more workers found jobs. That is the lowest jobless rate since February of 2020 just before pandemic took hold in the U.S.
The gains were broad-based. Leisure and hospitality companies added about 180,000 jobs as restaurants and bars continued to reopen. Professional and business services firm added 95,000. Construction and health care businesses each added about 60,000 jobs, while the transportation and warehousing sector added nearly 50,000.
Despite that rebound, economists warn that fierce inflation, soaring oil prices and a shift in monetary policy, exacerbated by the war in Ukraine, could soon dampen hiring.
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