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Labor market tops expectations again: 275,000 jobs added in February

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Government data shows hiring cooled from January and the unemployment rate rose to 3.9%.

The U.S. economy crafted another monthly of unexpectedly solid hiring in February, bolstering Wall Street's view that the Federal Reserve would begin trimming rates in the months ahead.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%.

'Our base case remains that the Fed will start lowering rates in June and will follow up with two more cuts, in September and December.'February's job gains came in health care, government, food services and bars, social assistance, transportation and warehousing, the labor department said. Average hourly earnings rose 5 cents to $34.57, after a hike of 18 cents in January.

 

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