U.S. economy adds more jobs in February

U.S. economy added more jobs in February, a sign of steady economy despite the financial turmoil at the beginning of this year.

The total non-farm payroll employment increased by 242,000 in February, exceeding market expectation of 190,000, said the Labor Department on Friday. It revised up the job gains in the previous two months by a combined of 30,000.

Over the past 3 months, job gains have averaged 228,000 per month.

The unemployment rate was unchanged at 4.9 percent, the lowest level since February 2008 and close to the full employment level. The labor force participation rate, the share of the working-age population employed or looking for a job, rose to 62.9 percent, indicating more workers joined the job market.

Average hourly earnings declined by 3 cents to 25.35 U.S. dollars in February, following an increase of 12 cents in the previous month. Over the year, the figure has risen by 2.2 percent.

Friday's job report shows that the labor market continues to approach full employment, despite the financial turmoil at the beginning of this year, which could offer support for further Federal Reserve rate hikes.

The Fed decided to raise benchmark interest rate by 25 basis points in December last year, the first interest rate increase since 2006 and marking the end of an era of extraordinary easing monetary policy.

Several Fed officials, including chairwoman Yellen, recently expressed their concern over the outlook of the U.S. economy, triggering market expectation that the central bank might hold back raising rate in its policy meeting on March 15 to 16. Endi