U.S. Adds a Robust 311,000 Jobs
This happened despite the Fed's rate hikes
America's employers added a substantial 311,000 jobs in February, fewer than January's huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation.
The unemployment rate rose to 3.6 percent from a 53-year low of 3.4 percent, as more Americans began searching for work and not all of them found jobs.
Friday's report from the government made clear that the nation's job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up its rate hikes if signs continued to point to a robust economy and persistently high inflation. A strong job market typically leads businesses to raise pay and then pass their higher labor costs on to customers through higher prices.
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