Washington, DC, March 10, 2006--Payrolls in February increased by a better-than-expected 243,000, according to the Labor Department.
The jobless rate ticked back to 4.8% in February, from a five-year low of 4.7% in January. The number of unemployed people rose by 153,000 to 7.2 million.
The labor force participation rate rose to 66.1% from 66.0%.
The 243,000 increase in payrolls was above the 206,000 expected by economists. Government employed economists say the labor market is fundamentally sound.
Payroll growth in December and January was revised lower by a total of 18,000. January's gain was cut from 193,000 to 170,000.
The hiring in February had to overcome a shift from a very warm January to a more normal February. The month also saw a heavy snowstorm on the East Coast at the beginning of the week the government surveys households and businesses for the jobs report.
Average hourly earnings increased by 5 cents, or 0.3%, in February to $16.47. Hourly earnings are up 3.5% in the past year.
