Jobs

US Payrolls Top Estimates, Wages Cool in Mixed Signal for Fed

Firms added 311,000 jobs last month, 11th month above forecast
Fed picture muddied as central bank mulls bigger rate hike

U.S. payrolls rose more than expected with a gain of 311,000 in February, while the unemployment rate pushed higher to 3.6 %. Bloomberg’s Michael McKee breaks down the numbers.Source: Bloomberg

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By Reade Pickert

March 10, 2023 at 1:33 PM UTC

Updated on

March 10, 2023 at 2:39 PM UTC

This article is for subscribers only.

US payrolls rose in February by more than expected while a broad measure of monthly wage growth slowed, offering a mixed picture as the Federal Reserve considers whether to step up the pace of interest-rate hikes.

Nonfarm payrolls increased 311,000 after a 504,000 advance in January, a Bureau of Labor Statistics report showed Friday. The unemployment rate ticked up to 3.6% as the labor force grew, and monthly wages rose at the slowest pace in a year.