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US economy adds 295,000 jobs in February

2015-03-07 13:36:48
US economy adds 295,000 jobs in February

Thereport24.com Desk:

The US economy added 295,000 jobs in February, while the unemployment rate fell to 5.5 percent from 5.7 percent, according to Labour Department figures.

It was the 12th month running that the economy added more than 200,000 jobs, the longest such run since 1994, BBC reports.

The stronger-than-expected jobs figure led to a jump in the value of the dollar.

Markets are now speculating that the Federal Reserve could raise interest rates in June this year.

The Labour Department figure showed there were job gains in a number of sectors including construction, health care, and transportation.

There were also job gains in food and drinks outlets, professional and business services, and warehousing.

However, employment in mining was down over the month.

The figure for the number of jobs created in January was revised down from 257,000 to 239,000.

In February, average hourly earnings for all employees on private non-farm payrolls rose by 3 cents to $24.78, with earnings up by 2 percent over the year.

The labour force participation rate fell to 62.8 percent from 62.9 percent, as more people made themselves available for work.

Ends/thereport24.com/MI/Mar 07, 2015

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