The U.S. economy added 295,000 jobs in February, which crushed expectations. That beat the estimate from CNNMoney’s survey of economists, who predicted 235,000 job gains.
February’s job growth shows how far the economy has come in a year. It’s the 12th straight month that the economy has gained over 200,000 jobs, and the unemployment rate fell to 5.5%.
That’s the lowest unemployment rate since May 2008 — before the financial crisis. Unemployment has come a long way from a year ago when it was 6.7%.
Wages are quickly becoming the focal point for the economy’s health. The Federal Reserve wants to see better wage growth before it raises its key interest rate, which will have a big impact on the economy and markets. Friday’s report is the last look at the job market before the Fed’s policy making committee meets this month.
If job growth continues, wages should speed up too, many economists argue. But February’s jobs report told the same tale: excellent job gains in recent months with lackluster wage growth.
