Despite rate increases, US job growth remained robust.

The US economy continued to defy predictions of a slowdown last month, with jobs growth remaining robust.

Despite rate increases, US job growth remained robust.

 

More than anticipated, employers created 311,000 new jobs in February, with pubs and restaurants being the primary contributors.

The unemployment rate increased somewhat from 3.4% in January—the lowest level since 1969—to 3.6% in February.

To relieve the pressures driving up prices, the US central bank is attempting to calm the economy.

But despite the bank raising interest rates to their highest levels since 2007, the labor market has remained resilient.

Officials are likely to decide that the inflation rate is running hot and needs to be cooled further until jobs reports reflect less demand within the economy, according to Richard Flynn, managing director at Charles Schwab UK.

The US experienced inflation in January of 6.4%, which is the rate at which prices increase.

Even though that rate has decreased since the summer of last year, it is still much higher than the 2% rate that most central banks regard to be a healthy rate.

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Sat Mar 11 , 2023
The chairman of the US central bank has issued a warning that policymakers may hike interest rates more quickly and significantly than initially anticipated in an effort to stabilize the market.   Following the comments, which came just a few weeks before the bank is scheduled to make another rate […]
US interest rates may increase more than anticipated.