Better Feb job growth bodes well for US
Employers add 175,000 jobs; jobless rate, however, rises to 6.7% from 5-year low
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US job growth rose more than expected in February, easing fears of an abrupt slowdown in economic growth and keeping the Federal Reserve on track to continue reducing its monetary stimulus. Employers added 175,000 jobs to their payrolls last month after creating 129,000 new positions in January, the Labor Department said yesterday. The unemployment rate, however, rose to 6.7 per cent from a five-year low of 6.6 per cent.
"This bodes well for the economy since there were massive headwinds against it and there had been some data before this indicating that it wouldn't be so strong," said Adam Sarhan, chief executive at Sarhan Capital in New York.
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