Everyone is all abuzz this morning with the latest numbers from the U.S. Labor Department, which show we’ve boosted the job count by more than what was forecast in February. While the unemployment rate stayed the same at 8.3%, we added 227,000 jobs, up from the predicted 210,000.
Not only did February see more jobs, it continued to add to six straight months of job growth, the best run the U.S. has seen since 2006, says Bloomberg News.
As more jobs are created, wage gains follow and consumers get the itch to go out and spend all that hard-earned cash. And nothing drives the economy better than consumer spending, which accounts for around 70% of the economy.
Still, U.S. officials like Federal Reserve Chairman Ben S. Bernanke, who warned recently that the labor market is “far from normal,” are trying to remain cautious about this latest uptick. We’ve still got a ways to go, people, but keep up that spending!
Payrolls in U.S. Climb 227,000; Jobless Rate HOlds at 8.3% [Bloomberg News]