U.S. payrolls surge, bolster Fed rate hike prospects

March 4, 2016 2:18 PM

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U.S. payrolls surge, bolster Fed rate hike prospects

WASHINGTON U.S. employment gains surged in February, the clearest sign yet of labor market strength that could further ease fears the economy was heading into recession and allow the Federal Reserve to gradually raise interest rates this year.

Nonfarm payrolls increased by 242,000 jobs last month, the Labor Department said on Friday. The unemployment rate held at an eight-year low of 4.9 percent even as more people piled into the labor market.

Also read: Europe must find way to grow even when rates rise: ECB's Coeure

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