Economy Adds 175000 Jobs, Beating Forecasts, The job market rebounded from a two-month slump in February as employers added 175,000 jobs, while the unemployment rate rose to 6.7 percent from 6.6 percent, the Labor Department said Friday.
The report beat most expectations, pumping up stock futures ahead of the market’s opening bell.
Economists surveyed by Action Economics estimated that 157,000 jobs were added last month.
Businesses added 162,000 jobs, led by strong increases in professional and business services and education and health care. Federal, state and local governments added 13,000 jobs.
Employment gains for December and January were revised up by a total 25,000. December’s were revised to 84,000 from 75,000 and January’s to 129,000 from 113,000.
Despite the solid payroll advances, the unemployment rate, which is derived from a different survey, ticked up in part because the labor force rose by 264,000, including previously discouraged workers who resumed their job searches.