There is optimism that tightening labor market conditions will spur faster wage growth this year and pull inflation toward the Fed’s 2 percent target.“While the employment gains unequivocally suggest underlying strength in the economy, wage gains remain muted enough for the Fed to continue with an only gradual normalization of the policy stance. Average hourly earnings had been expected to increase 0.2 percent in February.Data for December and January was revised to show the economy adding 54,000 more jobs than previously reported.U.S. Gross domestic product estimates for the January-March quarter are around a 2 percent annualized growth rate. Hiring at construction sites was likely boosted by unseasonably mild temperatures in February.Manufacturing payrolls increased by 31,000 jobs, rising for a seventh straight month. As a result, retail employment rose after the seasonal adjustment, the department said.Government employment increased by 26,000 jobs last month, with hiring of teachers by local governments accounting for the bulk of the rise.

Source: Egypt Today March 09, 2018 15:33 UTC