The president's tariffs on steel and aluminum imports could potentially kill jobs in steel-using industries.
On Twitter, the president expressed elation.
Job growth has been consistently strong. Average hourly earnings increased 2.6 percent from a year earlier following a downwardly revised 2.8 percent gain. But as stock investors correctly concluded last month, if wages start rising too fast given weak gains in worker productivity, it would probably prompt Mr. Powell and his colleagues to tap the brakes on the economy a little harder (that is, raise interest rates more than they would otherwise). An increase in the labour force participation rate helped keep the headline unemployment number steady, as the number of those counted as not in the workforce tumbled by 653,000 to just over 95 million.
The Labor Department on Friday reported the US economy created 313,000 jobs last month, far exceeding Wall Street expectations for 200,000 new jobs.
After an increase of seven cents per hour in January, the Department of Labor reported that average hourly earnings in February rose by four cents to $26.75.
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The mining industry also saw 9,000 new jobs. Economists had anticipated a gain of about 200,000.
"If they can't afford childcare, they're not going to work", she said. Considering how strong demand is for labor, policymakers at the Federal Reserve may not want to risk runaway wage gains as employers try increasingly to attract candidates, according to Bloomberg. That indicated that more people were coming off the labor-market sidelines to look for work.
Still economists said the report does not fuel fears of runaway inflation.
Although unemployment fell to the lowest rate since December 2000, the USA economy still can't seem to reduce the number of unemployed Americans who have given up trying to find work. In a client note on Friday, he argued concerns over inflation were overblown.
But judging from recent comments, at least, it seems unlikely that the Fed will pay heed to those arguments.
"The American economy continues to grow!" said Rep. Bradley Byrne (R-AL). The participation rate, which reflects people who are working or looking for a job, registered its best one-month gain in almost eight years and is at 63%.
The new year brought the first significant wage increase in months, said Mark Hamrick, senior economic analyst at BankRate.com, a financial services firm in NY, and that trend is expected to continue as the labor market keeps tightening and more employers find themselves competing for workers.