Another burst of hiring shows off the resilience of the US job market

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In February, American employers continued their robust hiring trend, adding a surprising 275,000 jobs. This once again underscores the resilience of the U.S. economy in the face of high interest rates.

Compared to January, last month's job growth showed an increase from a revised gain of 229,000 jobs. Despite this positive momentum, the unemployment rate edged up two-tenths of a point in February to 3.9%. However, this remains relatively low by historical standards. Furthermore, February marked the 25th consecutive month with unemployment below 4%, marking the longest such streak since the 1960s.

In addition to the impressive job gains in February, the strength of the U.S. labor market is further underscored by the sustained momentum in hiring, as evidenced by the upward revision of January's job growth figures. This continuous expansion reflects the resilience of American businesses in navigating challenges such as elevated interest rates.

While the slight uptick in the unemployment rate to 3.9% may raise some concerns, it's important to note that this rate remains historically low. In fact, February marked a significant milestone with the 25th consecutive month of unemployment below 4%, a streak not seen since the 1960s. This prolonged period of low unemployment not only speaks to the stability of the economy but also suggests a favourable environment for job seekers, with ample opportunities available across various sectors

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