In February, the U.S. added 273,000 new jobs for the second month in a row, but the threat to the global economy from the coronavirus could act as a brake on hiring in the months ahead.
This story by Jeffry Bartash originally appeared in MarketWatch.
An acceleration in hiring in the past two months nudged the unemployment rate down to 3.5% from 3.6%, matching a 50-year low.
The increase in new jobs easily surpassed the 165,000 forecast of economists surveyed by MarketWatch. Hiring was strongest among health-care providers, restaurants, construction companies and government.
Before the employment report, premarket trading pointed to another big decline in the stock market on concerns about the impact of the coronavirus epidemic.
What the February employment report shows is that the U.S. economy was in very good shape before the coronavirus began to take a toll. So far, the damage has been limited, but it could grow in the months ahead until the virus is contained.
Construction companies boosted employment by 42,000 in January to mark the second straight big increase. Unseasonably warm weather and rising demand for housing have given the industry a big lift.
Low and still falling interest rates are stoking demand, but it remains to be seen if buyers are scared off by the coronavirus.
Manufacturers also added 15,000 jobs.
The amount of money the average worker earns rose 9 cents to $28.52 an hour last month.
