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Instant view: US Feb payrolls blowout shows economy near full employment

March 4, 2022

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U.S. employers hired far more workers than expected in February, pushing the labor market closer to maximum employment, but rising headwinds from geopolitical tensions could hurt business confidence and slow job growth in the months ahead.

The Labor Department’s closely watched employment report’s survey of establishments on Friday showed nonfarm payrolls surged by 678,000 jobs last month, much more than the 400,000 economists polled by Reuters had forecast. Data for January was revised higher show 481,000 jobs created instead of 467,000 as previously reported. The unemployment rate fell to 3.8%, the lowest since February 2020, from 4.0% in January.

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