U.S. jobs report shows growth in February - March 4, 2022

U.S. job growth accelerated in February as unemployment reached 3.8% and payrolls grew by 678,000, defeating estimates despite the economy being challenged by inflation and geopolitical strife. The jobs report comes on the heels of the Labor Department reporting a drop in unemployment claims in February and reveals the labor market is inching closer to pre-pandemic levels. Federal Reserve Chair Jerome Powell warned lawmakers that interest rate hikes are on the way, citing a strengthening labor market and rising inflation. Powell noted that it was too soon to predict how the Russian invasion of Ukraine will influence the U.S. economy although economists have said Americans are likely to see price hikes for some products. Despite Powell’s uncertainty, Cleveland Fed President Loretta Mester argued the invasion has increased the need for monetary-policy tightening moves. Twitter announced it will reopen offices on March 15, although employees will still be allowed to work remotely if they choose. Twitter’s reopening is the latest in a series of tech companies’ requests for workers to return to the office. Workers at the beginning of their career have expressed concern about upward mobility in the remote work era, although some studies have found remote work can lead to “more in-depth” conversations among employees. Producers of at-home tests reported an increase in consumer willingness to test for a wide array of conditions at home following the COVID-19 pandemic. Test manufacturers said they are developing tests for a number of medical conditions ranging from the flu to strep in an attempt to attract consumers focused on monitoring their health. The CEO of Cue Health Ayub Khattak said the shift in how consumers view at-home medical testing is one of the enduring changes brought on by the pandemic. New York Times tech workers certified a unionization vote Thursday, creating one of the largest tech unions in the U.S. Union representatives said they plan to begin contract negotiations with a focus on pay and divers