The US jobs report was largely in line with expectations. February was the second consecutive month that the US economy created more than 200k jobs. It is the first time since last June and July. The 235k is just below the revised January 238k gain (initially 227k).
The unemployment rate ticked down to 4.7% from 4.8%, which is notable as the participation rate increased to 63.0% from 62.9%. The underemployment rate slipped to 9.2% from 9.4% and matched the cyclical low recorded at the end of last year.
A shadow of disappointment comes from average hourly earnings. They rose 0.2% compared with…

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