WASHINGTON, Mar 10 (Reuters) U.S. employers added a stronger-than-forecast 243,000 jobs in February and average hourly pay posted the largest annual increase in 4-1/2 years, the Labor Department said on Friday in a report likely to keep inflation concerns simmering.
The monthly report showed the unemployment rate edged up to 4.8 percent from 4.7 percent in January. Economists had forecast that 210,000 jobs would be created in February and that the unemployment rate would hold steady.
The February job gain followed a revised 170,000 new jobs in January that had originally been reported as 193,000.
Employers have increased their payrolls every month for the past 2-1/2 years, an indication that economic growth is vigorous enough to keep policy-makers on edge about the possibility of inflationary wage and price rises.
Average hourly earnings grew 0.3 percent during February, in line with expectations, but in the 12 months through February pay rose by 3.5 percent, which department officials said was the highest annual increase since September 2001.
The report showed that another 41,000 construction jobs were added in February, on top of 55,000 in January. Some economists had expected hiring for construction to ease more sharply last month with a return to colder weather after an exceptionally mild January. Manufacturing employment, by contrast, declined 1,000 in February after growing 7,000 in January.
REUTERS SY HS1919
The monthly report showed the unemployment rate edged up to 4.8 percent from 4.7 percent in January. Economists had forecast that 210,000 jobs would be created in February and that the unemployment rate would hold steady.
The February job gain followed a revised 170,000 new jobs in January that had originally been reported as 193,000.
Employers have increased their payrolls every month for the past 2-1/2 years, an indication that economic growth is vigorous enough to keep policy-makers on edge about the possibility of inflationary wage and price rises.
Average hourly earnings grew 0.3 percent during February, in line with expectations, but in the 12 months through February pay rose by 3.5 percent, which department officials said was the highest annual increase since September 2001.
The report showed that another 41,000 construction jobs were added in February, on top of 55,000 in January. Some economists had expected hiring for construction to ease more sharply last month with a return to colder weather after an exceptionally mild January. Manufacturing employment, by contrast, declined 1,000 in February after growing 7,000 in January.
REUTERS SY HS1919
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