by Investors Hub
Job growth in the US saw a significant acceleration in the month of February, according to a report released by the Labor Department, although the report also showed a slowdown in the pace of wage growth.
The Labor Department said non-farm payroll employment surged up by 313,000 jobs in February after jumping by an upwardly revised 239,000 jobs in January.
Economists had expected employment to climb by 200,000 jobs, matching the increase originally reported for the previous month.
Despite the stronger than expected job growth, the unemployment rate held at 4.1 percent in February. The unemployment rate had been expected to dip to 4.0 percent.
The report also said the annual rate of growth in average hourly employee earnings fell to 2.6 percent in February from 2.8 percent in January.
At 10 am ET, the Commerce Department is scheduled to release its report on wholesale inventories in the month of January. Inventories are expected to climb by 0.7 percent.
Boston Federal Reserve President Eric Rosengren is due to speak about the U.S. economy and monetary policy at the Springfield Regional Chamber’s annual Outlook luncheon at 12:40 pm ET.
At 12:45 pm ET, Chicago Fed President Charles Evans is scheduled to speak about current economic conditions and monetary policy at a Shadow Open Market Committee event in New York.
