Economics
U.S. Job Gains Accelerate While Wage Growth Slows Sharply
- Unemployment rate falls to 3.8%, close to pre-pandemic low
- Fed likely remains on track for rate liftoff this month
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U.S. hiring boomed in February while wage growth slowed, showing a robust labor market that likely keeps the Federal Reserve on track to raise interest rates this month and offering some respite from strong inflationary pressures.
Nonfarm payrolls increased 678,000 last month -- the most since July -- after upward revisions in the prior two months, a Labor Department report showed Friday. The advance was broad-based across sectors. The unemployment rate edged down to 3.8%, and average hourly earnings were little changed from the prior month.