By Manuel Gutierrez, Consulting Economist to NKBA

Employers added 678,000 jobs in February — 24,000 in government and 654,000 in the private sector — with a net gain in the labor force of 304,000.

• The unemployment rate ticked down to 3.8 percent, approaching the low of 3.5 percent hit in February 2020.
• Construction was the fourth-largest job contributor, adding 60,000 positions, 44,000 of which were in specialty trades.
• The economy is just 2.1 million jobs short of the pre-pandemic record of 152.5 million.
• Hospitality added 151,000 jobs, Professional & Business Services rose by 95,000 and Health Care grew by 65,000.

Construction helped fuel a strong February employment report, adding 60,000 of 678,000 new jobs, bringing the unemployment rate down to 3.8 percent.