Job Creation Beats Estimates, But Underlying Momentum Slows
The US job creation engine slowed in February, and revisions subtracted heavily from the prior two months – but still managed to generate far more jobs than expected. According to data released by the Bureau of Labor Statistics this morning, 275,000 jobs were added, but the unemployment rate climbed to 3.9 percent as the labour force expanded, and average hourly earnings rose 0.1 percent month-over-month, missing market expectations. Ahead of the release, consensus estimates had pointed to a 200,000-job gain, the unemployment rate was seen holding steady at 3.7 percent, and earnings were expected to rise 0.2 percent. Revisions subtracted...