Summary
New data shows that the labor market is becoming more stable after a tough year. Most of the new jobs are in education and health services. Wages are growing more quickly for higher-income workers than for those with lower or middle incomes.
Key Facts
- The private sector added 63,000 jobs in February.
- Education and health services added 58,000 of those jobs.
- Construction added 19,000 jobs in February.
- Wage growth was 4.2% for higher-income workers in February.
- Wage growth was lower for middle- and lower-income workers, at 1.2% and 0.6%, respectively.
- The pay difference between people switching jobs and those staying was at a record low.
- Small companies with 19 or fewer workers added 58,000 jobs.
- Job gains pay rates are not keeping up with current inflation rates.
