Labor markets’ vigorous growth showed no sign of abating in February. Nonfarm payrolls grew at a better-than-average rate, with industry gains and losses that reflected strong consumer spending, a healthy building market, favorable weather, and international economic turmoil. The unemployment rate rose slightly amid moderate growth in average hourly earnings.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-03, pp. 11, 03.01.1999.