New York (CNN) — The US economy added 275,000 jobs last month, the Bureau of Labor Statistics reported Friday, as the labor market continues to beat expectations.
Economists had expected a net gain of 200,000 jobs in February and for the unemployment rate to be unchanged at 3.7%, according to FactSet estimates.
The unemployment rate climbed higher to 3.9%, from 3.7% the month before.
It’s the 25th consecutive month that the nation’s jobless rate has been below 4%, the longest stretch in more than 50 years.
Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth is at 290,000 (down from 333,000).
The labor force participation rate held steady at 62.5% for the third consecutive month.
Average hourly earnings inched up by 0.1% from December, slower than that 0.3% growth that economists expected. On an annual basis, wage growth slowed to 4.3%.
This story is developing and will be updated.
The-CNN-Wire
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