U.S. Unemployment Rate at 6.7% as 175,000 Jobs Were Created in February

Friday, the Bureau of Labor Statistics released mixed jobs numbers with the economy adding more jobs than expected but the unemployment rate rising slightly.
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The February Jobs Report suggests that U.S. economy added 175,000 jobs as the unemployment rate went on a high 6.7 percent according to the Bureau of Labor Statistics report on Friday.

U.S. hiring improved in February from the previous two months despite the wintry weather. The Labor Department reported that employers added 175,000 jobs last month from just 129,000 in January and 113,000 in December which was a surprise as economic reports illustrated that harsh weather rendered factories closed, lowered auto sales, and caused existing-home sales to dip.

The rise of the unemployment rate to 6.7 percent from a five-year low 6.6 percent suggested that Americans were more optimistic about their prospects as more people were seeking jobs.

Justin Wolfers an economist in the University of Michigan on his tweeter account highlighted that over the past three months payrolls growth has averaged to 130,000 despite the bad weather.

The number of Americans that were forced to work part time rather than full time reached the highest level in February for the 36 years that the figure has been tracked with the average week falling due to low temperatures and snow storms.

Recent reports suggest that the economy will grow as the weather warms as the number of people who applied for unemployment benefits fell last week to about the same level as before the Great Recession.

Online job ads risen from 268,100 in February to 5.19 million as per the conference board showing that companies are confident about future growth.

Economists hint that the economy will grew at a 2 percent annual pace or less in the first three months of the year, down from a 2.4 percent pace in the final three months of 2013. But they expect growth to accelerate in the spring and summer to roughly a 3 percent pace.

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