US jobless rate stays low even as the labor force swells

NEW YORK - Hiring surged last month at its fastest pace since mid-2016, but wage growth slowed - an ideal combination for the stock market but not for workers longing for consistently bigger paychecks.

The unemployment rate held steady at 4.1 percent, the lowest since 2000, as the labor force swelled by 806,000. That was the biggest increase since 2003 and indicated more people were coming off the labor market sidelines to look for work, which reduces the pressure on employers to raise wages to keep employees and attract new ones.

The 313,000 net new jobs added in February far exceeded analyst expectations and were a major increase from the previous