The US economy added 275,000 jobs in February, and employment in the entertainment industry continues to grow
Getty Images
Billboard Women in Music 2024
The U.S. economy continued its robust employment growth in February, adding 275,000 jobs while unemployment rose to 3.9%.
The number of jobs in the film and sound recording industry rose again during the month to 443,200, an increase of 3,200. According to the Bureau of Labor Statistics, jobs in broadcasting and other content providers fell by 1,800 to 341,400.
Large increases were seen in healthcare, government, restaurants and drinking establishments. Average hourly wages rose 5 cents to $34.57, following a larger increase of 18 cents the previous month.
As usual, the Bureau of Labor Statistics revised last month's numbers, lowering estimates for January to 229,000 jobs added, down from 353,000 in the original estimate, and in December to 290,000, down from the original figure of 330,000.
Mark Zandi, chief economist at Moody's Analytics, wrote on X/Twitter: “Another month, another good labor market report. Setting aside the vagaries of monthly data, the economy is creating between 200,000 and 250,000 jobs each month, unemployment is just under 4%, and wage growth is just over 4%. Not too hot, not too cold. Precisely.”
Jason Furman, a Harvard professor and chairman of President Barack Obama's Council of Economic Advisers, wrote that it was “a soft landing for the jobs report.”
“The balance of worries is shifting slightly from inflation toward recession,” he wrote. “But overall things still look good. 275,000 new jobs. hours around. But the unemployment rate has fallen from 3.7% to 3.9%, while labor force participation has stagnated. Wage growth only 0.1%.”
Comments are closed.