February continued the trend of strong job growth. The U.S. economy added 295,000 jobs, and the unemployment rate edged down to 5.5% (Bureau of Labor Statistics, Employment Situation Summary). The number of long-term unemployed persons was essentially unchanged at 2.7 million, accounting for 31.1% of the total unemployed. Despite impressive job growth, wages continue to remain sluggish as average hourly earnings gained only 0.1% month-on-month.
In February, job growth saw the most expansion in food services ( 59,000), professional and business services ( 51,000), construction ( 29,000), and health care ( 24,000). Temporary help services saw little change from last month but was 5.2% higher than in February 2014.