US job growth surges in February

US job growth surges in February

Job creation in the US economy surged last month, but the annual rate of wage growth slowed.

The economy created 313,000 jobs in February, official figures show, far in excess of analysts’ expectations.

However, the unemployment rate remained at 4.1%, while the annual earnings growth rate slowed to 2.6% last month.

January’s annual wage growth rate – which had triggered fears over inflationary pressures – was also revised down from 2.9% to 2.8%.

The strong wage growth figure for January triggered sharp falls on the stock market, as investors worried that the US Federal Reserve would quicken the pace at which it increased interest rates.

The increase in jobs last month was the largest since July 2016, and was helped by the biggest rise in construction jobs since 2007.

Source: BBC News

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