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Expand chart
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 273,000 jobs in February — way more than the 175,000 economists expected — while the unemployment rate dipped to 3.5%, the government said Friday.

Why it matters: The labor market is adding jobs at a breakneck pace, but the numbers don’t take into account the worsening coronavirus outbreak that threatens the record-long stretch of job gains.

By the numbers: Employment was stronger than initially estimated in prior months, too. December and January payrolls were revised higher by a combined 85,000 jobs.

  • Wages grew 3% from the same month last year, a slightly slower pace than in January.

The bottom line: The jobs report surveyed employers and workers before U.S. coronavirus fears escalated. Economists expect employment gains, particularly those seen in the services sector in February, to slow as companies see less demand because of the outbreak.

  • The numbers did little to soothe on-edge investors about the fate of the economy. The stock market pointed to big losses in pre-market morning trading, while the government bond yields plumbed new lows.

Go deeper

26 mins ago - Health

Health care in the New Washington

Illustration: Sarah Grillo/Axios

As America emerges from the pandemic, here's a special Axios AM Deep Dive on the Biden administration's health care agenda.

42 mins ago - World

Palestinian Authority announces new COVID restrictions as cases surge

A nurse administers the COVID-19 vaccine to a Palestinian in the occupied West Bank city of Hebron. Photo: Hazem Bader/AFP via Getty Images

The Palestinian Authority on Saturday announced fresh coronavirus restrictions, including a partial lockdown, for the occupied West Bank as COVID-19 cases surge.

The big picture: The new measures come as Israel, which leads the world in vaccinations, faces increased pressure to ensure Palestinians in the occupied West Bank and Gaza Strip have equal access to vaccines.

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's Ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

Details: State television said the ambassador had "betrayed the country and spoken for an unofficial organization which doesn’t represent the country and had abused the power and responsibilities of an ambassador."

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