The American economy’s steady expansion stepped up in February as U.S. companies added to their head count at a surprisingly robust pace and the labor-force participation rate rose.
The Labor Department on Friday reported the U.S. economy created 313,000 jobs last month, far exceeding Wall Street expectations for 200,000 new jobs. The unemployment rate remained at 4.1 percent and wage growth stalled, with the previous month’s sharp spike in pay revised lower.
Average hourly earnings rose 2.6 percent from a year earlier and January’s gain was revised lower to 2.8 percent annualized gain.
On Thursday, the count of Americans filing for jobless benefits climbed more than expected, but the data still signals a tight job market. Employers are likely hard pressed to retain workers in an expanding economy and increased demand for labor.
The latest economic report comes less than two weeks before the Federal Reserve meets on monetary policy.
This is a developing story…
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