Job growth continues to accelerate in the United States even as the unemployment rate edges down.

Nonfarm payrolls increased 678,000 in February and the jobless rate decreased two-tenths of a point to 3.8 percent, according to the latest U.S. Bureau of Labor Statistics estimates.

The monthly job gain was the largest since July. The jobless rate has retreated to its lowest level since the onset of the COVID-19 pandemic in the U.S.

Moreover, estimated payroll gains for January and December were revised upward a total of 92,000 to 481,000 and 588,000, respectively.

Still, U.S. payrolls remain 2.1 million lower than the prepandemic level in February 2020.

For January 2022, 6.3 million people were counted among those unsuccessfully looking for work. Of those, 1.7 million have been out of work 27 weeks or longer. 

Another 4.1 million people were counted among those working part-time because their hours were cut or they were unable to find full-time positions.

The labor participation rate edged up a tenth of point to 62.3 percent, still about a point below the February 2020 level.

Payroll gains in January were spread out among a number of industry sectors. Employment increased 179,000 in leisure and hospitality, 95,000 in business and professional services, 64,000 in health care, 60,000 in construction, 48,000 in transportation and warehousing, 37,000 in retail trades and 36,000 in manufacturing.

The average workweek lengthened a tenth of an hour to 34.7 hours. The average manufacturing work week lengthened four-tenths of an hour to 40.7 hours.

Average hourly earnings for employees on nonfarm payrolls rose a cent to $31.58. Over the past year, average hourly earnings have increased 5.1 percent.