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Robust Jobs Report Keeps Fed Moving Toward Midyear Rate Increase
The robust job market keeps the Federal Reserve on track to alter its guidance on interest rates at its policy meeting this month—and debate whether to start raising short-term interest rates in June. With an increase of 295,000 in non-farm payrolls in February, reported by the Labor Department Friday, job gains have averaged 322,000 per month for the past four months, the fastest pace since late 1997. Meantime, the unemployment rate has dropped to 5.5%—the top of a 5.2% to 5.5% range of what many Fed officials considered to be full employment. Fed Chairwoman Janet Yellen signaled in testimony to Congress last ... (full story)