Overall Job Growth Steady in February, While Manufacturing Employment Drops

U.S. employers added 243,000 jobs in February and the average hourly pay posted the largest increase in 4 1/2 years, according to a Labor Department report released today. Manufacturing employment did drop by 1,000 jobs after a 7,000 increase in January.

Unemployment increased slightly to 4.8%, up .1% from January. The average hourly wage earnings grew .3% during February, which was in line with expectations.

The report also accounted for a rise of 41,000 construction jobs.

Overall, the report expects policy-makers concerned about the possibility of inflationary wage and price increases.