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February jobs report: US economy adds 275,000 jobs, unemployment rate hits 3.9%



Last Updated on March 9, 2024 by Robert C. Hoopes

The US economy added a whopping 275,000 new jobs in February, significantly surpassing the expected 200,000. However, this positive news was slightly dampened by an increase in the unemployment rate from 3.7% in January to 3.9% in February, marking the first increase in four months.

The Bureau of Labor Statistics also reported a downward revision in job growth for previous months, with 167,000 fewer jobs added in December and January than previously reported. Additionally, wage growth was slower than anticipated, only increasing by 0.1% on a monthly basis instead of the expected 0.2%.

Economists suggest that the Federal Reserve may be less concerned about inflation due to the lower wage growth and rise in the unemployment rate. Federal Reserve Chair Jerome Powell described the labor market as “relatively tight” during his recent testimony.

Despite the overall positive job growth, some sectors saw larger increases than others. Healthcare and government employment saw the largest job increases in February. The labor force participation rate remained steady at 62.5%, and average weekly hours worked increased from 34.1 to 34.3.

The job market’s performance has led markets to predict that the first Fed interest rate cut will come in June, with investors anticipating three to four rate cuts for the year. For the latest stock market news and financial updates, it is recommended to follow Yahoo Finance for updates.

Juan is an experienced writer with a focus on business jobs and career development. He has a talent for crafting engaging content that helps job seekers navigate the complex world of business employment. With a deep understanding of the industry and a passion for helping others succeed, Juan has quickly become a sought-after voice in the field.

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