Solid U.S. Job Gains Forecast In February; Unemployment Rate Seen Dipping To 3.9% – By Lucia Mutikani (IB Times) / Marech 4, 2022
U.S. employers likely maintained a strong pace of hiring in February, pushing the labor market closer to maximum employment, but rising headwinds from geopolitical tensions could hurt business confidence and slow job growth in the months ahead.
The Labor Department’s closely watched employment report on Friday is expected to show labor market conditions tightening further, with the unemployment rate resuming its downward trend and a shortage of workers continuing to drive up wages.
Federal Reserve Chair Jerome Powell this week described the labor market as “extremely tight,” and told lawmakers that he would support a 25-basis-point interest rate increase at the U.S. central bank’s March 15-16 policy meeting and would be “prepared to move more aggressively” later if inflation does not abate as fast as expected.
Oil prices have surged above $100 a barrel since Russia launched a war against Ukraine last Thursday, invoking a barrage of sanctions against Moscow by the United States and its allies.
