U.S. employers added 242000 Jobs in February 2016
U.S. employers picked up the pace of hiring in February, a sign of steady economic growth despite financial-market turmoil and weakness abroad
Nonfarm payrolls increased a seasonally adjusted 242000 in February, the Labour Department said Friday. The unemployment rate, which is obtained from a separate survey of U.S. households, held steady at 4.9 % in February.
Economists had expected payrolls to rise by 200000 and the jobless rate to remain at 4.9 %.
Nonfarm payrolls rose by a seasonally adjusted 151000 in January, a decent gain but still significantly slower than the 228000 average from 2015. Federal Reserve Chairwoman Janet Yellen in December said fewer than 100000 a month is enough to absorb new entrants and 200000 would draw back workers who have dropped out of the labour force. A strong February report could reassure Fed officials the economy remains fundamentally on track despite global weakness and market turmoil.
Before the Fed’s gatherings in April and June, there is a March meeting in a week and a half. Investors and traders placing bets on the direction of interest rates in the futures market have nearly written off the chances of a March rate rise though as stocks have just recently started to recover after a turbulent first six weeks to start the year.
Ahead of the jobs report, the futures market shows a 63 % likelihood that the Fed will up rates by year-end, according to CME Group data.