U.S. adds 227,000 jobs in February

03.09.2012


U.S. adds 227,000 jobs in February
U.S. adds 227,000 jobs in February

Nonfarm payroll employment in the U.S. rose by 227,000 last month, though the unemployment rate held steady at 8.3 percent, according to the monthly jobs report released by the Labor Department's Bureau of Labor Statistics (BLS).

The major gains were reportedly seen in professional and business services, manufacturing, heathcare and social assistance, leisure and hospitality, and mining, according to the BLS. Professional and business services were responsible for the staffing of 82,000 jobs in February, with just over half of these coming from temporary help services. Such positions are often added through the use of staffing agencies.

Bloomberg reports the positive jobs report follows a revised gain of 284,000 in January, which was higher than initially estimated.

Julia Coronado, chief economist for North America at BNP Paribas in New York, told the news source that the latest report suggests this economic recovery is likely to continue.

"The labor market has found its legs in the last few months, and it looks like there’s enough of a broad base that the momentum can be sustained," Coronado, who had projected a 225,000 gain in payrolls, told Bloomberg. "This leaves the Fed in a bit of limbo, as it’s not strong enough to convince them that we’re about to accelerate to much stronger rates of economic growth."

Speaking in Prince George, Virginia, from a Rolls-Royce plant that manufactures parts for jet engines, President Barack Obama said that the report signals "we're restoring this economy from crisis" day by day.

According to The Associated Press, the president noted Rolls-Royce is planning to add 200 new jobs, which will provide a significant boost to the local aviation industry.

The news comes as Embry-Riddle Aeronautical University in Daytona Beach, Florida, is in the preliminary stages of developing an aviation-based research and development park that could host some of the world's leading aerospace companies.

According to the Daytona Beach News-Journal, the 90-acre park could ultimately pave the way for the creation of 2,000 new aviation jobs from national companies with average salaries of $50,000.

"I think it might bring a new lifeblood into the Daytona area," Elaine Larsen, president of Larsen Motorsports, told the news source. "Embry-Riddle has a great vision and we're definitely a part of it, and I think it's going to be bigger and better than we ever thought it can be."