U.S. Unemployment Rate Falls To Two-Year Low Of 3.8%

The US added 678,000 nonfarm payrolls in February, while the unemployment rate fell further to a two-year low of 3.8% from 4% in January. Hourly wage growth rose 5.1% year-on-year in February, down slightly from 5.5% in January. The overall employment report does not seem to change the Fed's intention to raise interest rates by 25 basis points at its meeting on the 16th of this month. Although the increase in wages in the United States fell in February, it is conceivable that in the current hot US labor market, if the US inflation rate continues to rise in the future, wages will be pushed up again.