The daily business briefing: March 8, 2019

U.S. employers added just 20,000 jobs in February but wages rose, Costco shares surge after profits beat expectations, and more

Wall Street
(Image credit: Spencer Platt/Getty Images)

1. U.S. gained 20,000 jobs in February, smallest increase in 17 months

U.S. employers added just 20,000 jobs in February, the smallest increase in 17 months, the Labor Department reported Friday. The increase fell far short of the expected gain of 172,000. The February figure represented a significant drop from the surprisingly large gain in January, which was initially reported at 304,000 but adjusted up to 311,000 on Friday. The unemployment rate fell to 3.8 percent from 4.0 percent in the previous month. The tight labor market prompted companies to raise pay and benefits to recruit and keep workers, with average earnings rising 11 cents to $27.66 an hour. The yearly pay increase climbed to 3.4 percent from 3.2 percent, the largest jump since the end of the recession in 2009.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.