U.S. employers maintained a robust pace of hiring in February, giving the economy a strong boost as it confronts the coronavirus outbreak that has stoked financial market fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.
The Labor Department’s closely watched monthly employment report on Friday also showed solid monthly wage growth and the unemployment rate falling back to near a 50-year low of 3.5%. Employers also increased hours for workers last month.
But the report likely does not fully capture the impact of the coronavirus, which spread in the United States beginning in late February, leaving financial markets and economists anticipating severe economic disruptions in the months ahead. The dollar fell against a basket of currencies, while U.S. Treasury prices were trading higher. U.S. stock index futures fell.
Fox Business Network contributor Scott Shellady joined Dan and Amy with reaction to the February unemployment numbers:
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