Job creation topped expectations in February and pointed to a still-vibrant U.S. labor market, even though the unemployment rate moved higher
Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%. Economists surveyed by Dow Jones had been looking for payroll growth of 198,000, a step slower from the downwardly revised gain of 229,000 in January. The December gain also was revised down to 290,000 from 333,000.
The jobless level increased even though the labor force participation rate held steady at 62.5%.
Average hourly earnings, watched closely as an inflation indicator, showed a slightly less than expected increase for the month and a deceleration from a year ago. Wages rose just 0.1% on the month, one-tenth of a percentage point below the estimate, and were up 4.3% from a year ago, below the 4.5% gain in January and slightly below the 4.4% estimate.
Markets showed little reaction to the news, with futures tied to the major averages around flat. Treasury yields, however, were sharply lower..
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