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  • The US economy produced another blockbuster hiring spree in February, adding 273,000 new jobs, and the January figure was revised up to show the same increase, the Labor Department reported Friday. The back-to-back surges blew away all expectations, even accounting for the mild winter weather that allowed for construction firms to get a head start on building with two months of strong hiring, according to the data. The strong hiring put the unemployment rate at 3.5 percent, dipping from 3.6 percent in January. It has been 3.5 or 3.6 percent for the past six months, near a 50-year low. The gains mean the monthly average for 2020 was 273,000, far outpacing the 178,000 monthly pace in 2019. But with American firms complaining for months that they are struggling to fill open positions, and economists warning the coronavirus epidemic could dampen demand for workers, that hiring pace appears set to moderate over the coming months. The stunning figure is sure to cheer President Donald Trump who is counting on a strong economy to help him win a second term in the White House and has said his aggressive trade policies and tax cuts are the best way to achieve that. Average hourly earnings increased by nine cents compared to the prior month to $28.52, and are up 3.0 percent over the past 12 months, outstripping inflation, according to the data. Unseasonably warm winter weather saw construction companies add another 42,000 workers in February, after hiring 49,000 in January -- far surpassing the 2019 average of 13,000 a month, the report said. The housing sector, a key driver of the US economy, continues to face a shortage of workers, making it hard to keep up with demand for new homes, with buyers drawn by low interest rates, which is pushing up prices. More big increases came in the health care sector, which added 32,000 jobs, and in food services and drinking places, which gained 53,000 in the month. The manufacturing sector, which has been hard hit but Trump's multiple trade wars and fell into recession last year, regained 15,000 jobs last month of the 20,000 lost in January. hs/cs
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  • US job creation surges 273,000 in February, unemployment 3.5%
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