US economy adds 235,000 new jobs in February

WASHINGTON: The US economy had another strong month of job creation in February, the Labor Department reported Friday -- a result sure to boost already high expectations that the Fed will raise interest rates next week.
President Donald Trump's White House also seized on the news as a validation of its economic agenda, though much of this has yet to take shape.
That was well above analyst forecasts and just shy of the 238,000 new positions added in January.

And in another sign that jobs markets are tightening, the already low unemployment rate fell a tenth of a point to 4.7 percent, leaving the unemployed population at 7.5 million
The economy has added almost half a million jobs in the first two months of 2017, the best back-to-back performance since last summer. Employment in weather-sensitive industries got a big boost from the second warmest February on record, including the biggest gain in construction jobs in 10 years.
Wages are also rising at the fastest pace of a recovery that’s nearing its eighth year of age, reflecting a tight labor market in which companies have to compete more aggressively for workers amid a record number of job openings.

The unemployment rate, meanwhile, dipped to 4.7% from 4.8%, the government said Friday. More people entered the labor force in search of work and fewer gave up looking for jobs.
“The unemployment continues to come down and layoffs are exceedingly low,” noted Jim Baird, chief investment officer at Plante Moran Financial Advisors. “The labor market is tight and getting tighter.”
Meanwhile, the government said 238,000 new jobs were created in January instead of 227,000. December’s gain was trimmed to 155,000 from 157,000.