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The US created 227,000 jobs last month while the unemployment rate stayed at 8.3 percent, marking one of the economy's best stretches in nearly three years.
The US created 227,000 jobs in February while the unemployment rate stayed at 8.3 percent, the Labor Department reported Friday, in a further sign of strengthening economic recovery.
Friday’s job figures completed three of the best months of hiring since the recession began, with an overall monthly average of 245,000 net jobs more than doubling the pace of job creation between May and November, The Wall Street Journal reports.
Average wages also rose in February by 0.1 percent, from $23.28 an hour to $23.31 an hour, according to The New York Times. A further positive note was provided by a revision to figures which showed that the economy had added 61,000 more jobs in December and January combined than had previously been estimated, according to the BBC.
The strong job growth figures will help President Barack Obama strengthen his case to voters that his policies are working, particularly as the unemployment rate has been dropping steadily over the past six months, remains at its lowest in three years and is well below the level of much of last year.
Stock futures rose slightly after Friday’s data was released, according to The Washington Post. Dow Jones industrial average futures, already up 10 points prior to the report’s release, added 10 points when it came out. Standard & Poor’s 500 futures were also up one point before the report, and added on two.