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The U.S. economy crafted another monthly of unexpectedly solid hiring in February, illustrating a robust labor market.
The Labor Department’s nonfarm payrolls report had the U.S. economy adding 275,000 jobs last month versus expectations of 200,000, according to a survey of economists by data firm FactSet. The unemployment rate unexpectedly rose to 3.9% from 3.7%.
That figure is down from January’s unexpectedly strong tally of 353,000 and 333,000 in December.
A month ago, the numbers showed a hotter-than-expected labor market, prompting Wall Street to reconsider its expectations for rate cuts this year.
In speaking to lawmakers on Thursday, Fed Chair Jerome Powell reiterated that the central bank is “not far” from a decision to cut its benchmark rate as it attempts to steer the economy to a soft landing and bypass a recession.
Powell previously indicated the Fed was not thinking about a rate cut at its next meeting later this month, shifting investors’ focus to potential rate cuts in the middle of the year.
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