WASHINGTON (AP) - Even after the most vigorous three-month hiring spree in 17 years, U.S. employers are showing few signs of letting up.
Job growth for February, to be reported today, might not match the furious pace of November through January, when 1 million positions were added. Harsh winter weather likely discouraged some hiring.
Yet economists foresee a solid job gain of 240,000 and a drop in unemployment to a near-normal 5.6 percent - evidence of a job market that continues to outshine others around the world.
"People are pretty optimistic about the U.S. economy, and they're hiring," said Frank Friedman, interim CEO of Deloitte, the consulting firm that counts 80 percent of the Fortune 500 as clients.
A bright outlook among employers has translated into a robust average of 268,000 jobs added monthly over the past 12 months. That means there are 3.2 million more Americans earning paychecks now than at the start of 2014. That additional income, along with sharply lower gas prices, has left more Americans able to spend.
It also helps explain why the unemployment rate has sunk so far below the 10 percent peak it reached in 2009 even though the economy isn't growing as fast as it often has during expansions: Increased customer demand is compelling employers to fill jobs.
In addition, many Americans who lost jobs in the recession have retired or given up looking for work and are no longer counted as unemployed.
The steady hiring may also finally be forcing wages up. Average hourly earnings rose 0.5 percent in January, the most in six years. Economists did caution against reading too much into one month's figure.