The evident resilience in the jobs report may be an artifact of timing. The report is based on surveys conducted three weeks ago — before the sharp jump in reports of coronavirus cases outside of China.
Brian Snyder/ReutersFear of the coronavirus doesn't appear to have infected the U.S. job market yet, despite sending shivers through Wall Street.
A new report from the Labor Department says employers added 273,000 jobs in February — the same as in January. The February increase was about 100,000 more than private analysts had forecast. The unemployment rate dipped to 3.5%, matching a 50-year low.The evident resilience in the jobs report may be an artifact of timing. The report is based on surveys conducted three weeks ago, before the sharp jump in reports of coronavirus cases outside of China, where the outbreak began.
He warned that business and consumer caution about the virus is likely to weigh on job growth in the months to come. The pace of hiring in February was higher than the previous three months, in which employers added an average of 239,000 jobs. But there was little sign of the coronavirus contagion that's triggered a widespread selloff in the stock market.
The Dow Jones Industrial Average dropped nearly 970 points on Thursday and was down about 500 points Friday morning. The blue chip index has fallen about 13% from its peak in early February. The S&P 500 index and the Nasdaq have each tumbled more than 10% from their recent highs. Futures markets point to further declines on Friday.
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