U.S. employers continued strong hiring in February by adding nearly 300,000 jobs, while the unemployment rate fell to its lowest level since 2008, the government reported Friday. The Labor Department said payrolls rose 295,000 last month after rising 239,000 in January. It was the 12th consecutive monthly jobs gain above 200,000. The unemployment rate fell to 5.5 percent from 5.7 percent, dropping to its lowest level since May 2008. The February results were better than economist forecasts of a jobs gain of 240,000 and the unemployment rate falling 0.1 percentage point to 5.6 percent. However, the strong job gains were not enough to increase wages significantly. The average hourly wage rose only 3 cents in February to $24.78 an hour. Still, over the past 12 months, 3.3 million more Americans have gotten jobs. More jobs and lower gasoline prices have led many consumers to increase spending, which accounts for 70 percent of U.S. economic activity. The higher domestic spending is offsetting weak economies overseas and giving employers the confidence to hire more workers. The strengthening jobs market could give the Federal Reserve (Fed) room to move toward raising interest rates from record lows near zero. Most analysts expect the central bank to signal coming higher rates by adjusting the statement it issues after its March policy meeting, to be followed by the first rate increase in June or September.
