Here’s some good news for the US economy. US employment gains grew in February with nonfarm payrolls increasing by 242,000 jobs last month. The Labor Department also said on Friday that 30,000 jobs were added in December and January than had been reported previously. The unemployment rate remained steady at an eight year low of 4.9%. As Scott Anderson, the chief economist at Bank of the West in San Francisco said,
“Despite panic on Wall Street about impending recession, Main Street goes about its business as usual. This report will get the Fed’s attention, and raises the odds of another rate hike before too long.”
The only downside in the report was a $.03 drop in average hourly earnings, which they believe can be attributed to low-paying retail and restaurant jobs.
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