The U.S. economy in February saw robust hiring, dropping unemployment, and firmer wage growth, continuing the third-longest on-record economic expansion. The data clears the path for the U.S. Federal Reserve to raise short-term interest rates. Nonfarm payrolls rose a seasonally adjusted 235,000 from January, exceeding forecasters’ expectations, and the unemployment rate dropped to 4.7%. Private sector average hourly earnings increased 2.8% from the previous year, indicating that the tightening job market is contributing to pay growth. Reported by Leubsdorf of WSJ.
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