Jobs increased by 275,000 in February, up from the average monthly gain of 230,000 over the prior 12 months. The national unemployment rate rose to 3.9%, still below the full employment rate, showing weakening worker leverage.
Federal Reserve Chair Jerome Powell stressed the need for more assurance on inflation before considering rate cuts. Average hourly earnings for private-sector employees grew 0.1% month over month to $34.57.
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