"The labor market has found its legs in the last few months, and it looks like there's enough of a broad base that the momentum can be sustained"
- Julia Coronado, chief economist for North America at BNP Paribas
Employment grew for a third consecutive month in February, a sign the economic recovery is gaining momentum. Employers added 227,000 jobs to their payrolls, the Labor Department said on Friday, while the unemployment remained unchanged at 8.3 per cent.
"The labor market has found its legs in the last few months, and it looks like there's enough of a broad base that the momentum can be sustained," said Julia Coronado, chief economist for North America at BNP Paribas in New York.
"This leaves the Fed in a bit of limbo as it's not strong enough to convince them that we're about to accelerate to much stronger rates of economic growth."
In a separate report the Commerce Department said trade deficit widened to 52.6 billion dollars in January from December.
"The increase in imports reflects the strengthening in consumer spending on cars and trucks, so it looks like it's promising for autos," said Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut.
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