U.S. Job Growth Accelerates in February

Job growth in the United States accelerated in February, but the rise in the unemployment rate and lackluster wage increases maintained the possibility that the Federal Reserve may lower interest rates in June. The U.S. Bureau of Labor Statistics reported on Friday that non-farm payrolls increased by 275,000 jobs last month. The data for January was revised down to show an addition of 229,000 jobs instead of the previously reported 353,000. Economists surveyed by Reuters had predicted the addition of 200,000 jobs, with estimates ranging from 125,000 to 286,000. The increase is above the roughly 100,000 jobs needed monthly to keep pace with the growth in the working-age population. The labor market supports the U.S. economy, which outperforms its global counterparts. Economists do not expect a recession this year. The unemployment rate rose to 3.9% in February after remaining steady at 3.7% for three consecutive months.