The U.S. economy added 273,000 jobs in February, according to the Bureau of Labor Statistics, and the unemployment rate was little changed at 3.5 percent. It is important to note, however, the report’s survey period reflects a time prior to the rise of concerns about the global spread and economic impacts of the novel coronavirus COVID-19.
At the end of February, Jerome Powell, chair of the Federal Reserve, stated: “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”
Earlier this week, the Federal Reserve announced a 50 basis point cut in the target federal funds rate in an effort to provide economic support.
A strong economic
