US moves closer to full employment after higher than expected jobs figure
Washington — US hiring picked up in January and wages rose at the fastest annual pace since the recession ended, as the economy’s steady move towards full employment extended into 2018. Nonfarm payrolls rose 200,000 — compared with the median estimate of economists for a 180,000 increase — after an upwardly revised 160,000 advance, labour department figures showed on Friday. The jobless rate held at 4.1%, matching the lowest since 2000, while average hourly earnings rose a more-than-expected 2.9% from a year earlier, the most since June 2009. Treasury yields and the dollar gained, while stock futures remained lower, as the data reinforced the Fed’s outlook for three interest-rate hikes in 2018 under incoming Fed chairperson Jerome Powell, including one that investors expect in March. The figures may also add to the likelihood of a fourth rate increase in 2018. The report puts the nation closer to maximum employment — one of the goals of the Federal Reserve — and sets a solid tone fo...
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