US economy had another strong month of job creation in February, with the manufacturing, health care, mining and construction sectors all adding positions, the Labor Department reported Friday.
Employers added a net 235,000 new positions for the month, well above an analyst forecast just shy of the 238,000 new positions added in January, official figures showed.
Meanwhile, in another sign that jobs markets are tightening, the already low unemployment rate fell a tenth of a point to 4.7 percent.
That decline came even as the labor force participation rate rose to 63 percent, a level not surpassed in almost three years, meaning people who had been on the sidelines are rejoining the labor market.
With February’s robust job creation, the world’s largest economy has added an average of 209,000 new jobs over the last three months.
The result was sure to boost already high expectations that the central bank will raise its benchmark interest rate next week.
The Federal Reserve has sent strong signals this month that it is likely to hike, barring negative surprise in economic data. Job creation, unemployment and inflation have all approached the central bank’s targets.
Quickening wage gains were also recorded in February, with average hourly earnings rising six cents, or 0.2 percent, to $26.09.
In the goods producing sector, payrolls rose by 95,000 new positions, the highest level since March of 2000.
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