U.S. employers maintained a robust pace of hiring in February, giving the econom...
WASHINGTON - U.S. employers maintained a robust pace of hiring in February, giving the economy a boost heading into the coronavirus outbreak, which has stoked fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.
U.S. Treasury prices rallied, with the yield on the benchmark 10-year government bond dropping to a record low of 0.695% US10YT=RR. The dollar fell against a basket of currencies, while stocks on Wall Street were sharply down. Economists polled by Reuters had forecast payrolls increasing by 175,000 jobs in February. The economy needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population. Employment gains averaged 243,000 per month in the last three months.
The highly contagious virus has rattled investors, who have continued to dump risky assets such as stocks despite the Fed rate cut, in favor of safe-haven U.S. government bonds. The average workweek increased to 34.4 hours last month after holding at 34.3 hours for three straight months. The drop in transportation and warehousing payrolls last month after increasing by 29,800 jobs in January was likely because of travel restrictions which were enforced by some authorities to curb the spread of the illness.
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