March 4, 2022, Opinion: "The economy added 678,000 jobs in February, an increase from the pandemic-affected January numbers and consistent with the rapid pace of job creation in the second half of 2021. The unemployment rate resumed its rapid decline, falling to 3.8 percent as labor force participation increased. Wage growth in February was, however, nearly flat after 10 straight months of strong nominal wage growth. It is possible this will turn out to reflect noisy data. Over the last three months (adjusted for industry composition), average hourly earnings have grown at a 4.2 percent at an annual rate, the slowest pace since March 2021."
HKS Authors - Jason Furman and Wilson Powell III