FOX Business host gives his take on the upcoming jobs report on ‘Making Money.’
Economists have forecast that the February jobs report from the Labor Department due out Friday morning will show that nonfarm payrolls grew by 400,000 last month.
Although the experts’ consensus has been way off the mark in projections for several months as the U.S. economy continues its recovery from the COVID-19 pandemic, there are indications that the data could show some good news.
Recruiters and job seekers are at a job fair in Golden, Colorado. (REUTERS/Rick Wilking / Reuters Photos)
Payrolls
Earlier this week, ADP’s latest national employment report – which is seen as a precursor to the federal government’s report – showed employers added 475,000 jobs in February. That’s well more than the 388,000 that were expected.
In January, economists only expected 150,000 jobs gained, an estimate that was blown out of the water when last month’s report showed 467,000 new nonfarm jobs added to payrolls.
Signs for employment opportunities are posted at an exit ramp off of Interstate 79 in Zelienople, Pennsylvania. (AP Photo/Keith Srakocic)
MANUFACTURERS OFFER ‘UPSKILLING’ AND SEEK ‘CREATORS’ TO FILL OVER 800,000 JOBS
Participation
Observers are closely watching labor participation numbers that have been climbing upward as Americans return to the workforce after a mass exodus brought on by the coronavirus but have yet to reach prepandemic levels. Open jobs in the U.S. sat at a near-record 10.9 million in January.
Wages
Average hourly earnings are expected to be up by 5.8% year over year for February, up from 5.7% the month before. But surging inflation – which hit a 40-year high of 7.5% year over year in January – has erased those would-be gains for workers.
A worker hangs parts on a wall to be used in a Venice model roadster vehicle at the Vanderhall Motor Works Inc. manufacturing facility in Provo, Utah. (George Frey/Bloomberg via Getty Images / Getty Images)
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Unemployment
Unemployment for February is expected to drop to 3.9%, which would be the lowest number since the coronavirus hit the U.S. and down from 4.0% in January.
FOX Business’ Megan Henney contributed to this report.
