By Patrick Lunsford, CollectionIndustry.com
The U.S. Labor Department reported today that U.S. nonfarm payrolls grew by 243,000 in February. Analysts surveyed by various news outlets had expected the increase to be a little more than 200,000. Despite the rise in payroll numbers, the unemployment rate inched up to 4.8% in February, from a five-year low of 4.7% in January.
In its revisions, the Labor Department decreased job growth estimates in December and January by a total of 18,000.
Average hourly earnings stood at $16.47, an increase of 5 cents, or 0.3%, over January’s average. For the year, hourly earnings are up 3.5%, the fastest growth in nearly five years. But, when adjusted for inflation, real wages have actually fallen in the past 12 months.
In a separate release today, the Commerce Department reported an increase of 0.1% in U.S. wholesale inventories. Sales increased 1%. The difference in sales growth and inventory growth could signal higher production down the road.
