| The US jobless rate climbed to a two-year high in February even as hiring remained healthy, pointing to a cooler yet resilient labour market.Nonfarm payrolls advanced 275,000 last month following a combined 167,000 downward revision to the prior two months, a Bureau of Labor Statistics report showed Friday. The unemployment rate rose to 3.9 per cent and wage gains slowed.
The payrolls and wage numbers are derived from a survey of businesses and other employers, while the unemployment figures come from a separate, smaller poll of households. The latter survey reflected a jump in the number of unemployed workers. Another key point is the relationship between the supply and demand of workers and the implications for wages. Average hourly earnings rose 0.1 per cent from January and 4.3 per cent from a year ago. The moderation in pay growth follows an outsize jump in the prior month, which some economists attributed to extreme weather.
This is the last monthly jobs report Fed officials will have on hand before they meet March 19-20. Economists expect officials will hold interest rates steady as they await further progress on inflation.
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