WASHINGTON, D.C. – The unemployment rate rose slightly in February to 4.1 percent from January’s rate of 4 percent, according to figures released March 3 by the Bureau of Labor Statistics (BLS). BLS reported that the number of employed persons was hardly changed at 141.2 million, which is a labor force participation rate of 67.6 percent. The jobless rate has been below 4.2 percent for 5 consecutive months.
Average hourly earnings increased by 4 cents in February to $13.53 and have increased by 3.6 percent over the last 12 months, according to BLS. "There’s no indication that wage growth is exploding, which is something the Federal Reserve would be on the lookout for," said KeyCorp economist Ken Mayland.
According to the Associated Press, January’s 4 percent rate was the lowest since 3.9 percent in January 1970. The AP stated that the 43,000 new jobs created in February marked the weakest showing since 28,000 jobs were added in May 1999.
According to the AP, jobs growth was restrained in part by sluggish growth in the service sector – normally the engine behind job creation in the United States. The service sector added 62,000 jobs in February, the fewest since August 1997, when 10,000 jobs were added.
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