According to the Bureau of Labor Statistics, of the 313,000 jobs created by the U.S. economy in February, the construction sector came out on top, resulting in 60,000 new jobs in February. The construction industry has added 185,000 jobs over the past four months.
The smashing Wall Street report continued to demonstrate that the U.S. is clearly in an economic recovery.
The Labor Report exceeded analyst expectations.
Job Gains Averaged 242,000 Over the Last 3 Months
“Job gains occurred in construction, retail trade, professional and business services, manufacturing, financial activities, and mining,” the Bureau of Labor Statistics said Friday in a release.
Average Workweek Increases
The average workweek for all employees rose with the average week increasing 0.1 hours to 34.5 hours in February, and even the number of manufacturing employees increasing by 0.2 hours on average.
Retail
Surprisingly, even the retail industry added 50,000 in February according to the recent report. This improvement is clearly reflects that even retail’s up-and-down numbers show that it is benefiting from the expanding economy. Within the industry, employment rose in general merchandise stores and in clothing stores.
The government explained that the retail space usually sees a swell in hiring and layoffs over the course of the holiday months, but that the industry is little changed over the whole period.
Financial Services
Financial services and businesses also posted positive results, up 28,000 and 50,000, respectively. Employment in insurance carriers, securities, commodities contracts and investments climbed.
Manufacturing
Manufacturing joined in the upward trend by adding 31,000 jobs in February and is up 224,000 over the past 12 months.
Information and Technology
The information industry, which includes telecommunications as well as non-internet broadcasting and publishing, fell by 12,000 jobs.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.