The unemployment rate remains relatively low, but the small bump could be a sign that high interest rates are slowing the economy.
The unemployment rate went up to 3.6% in February, an increase from the 3.4% rate in January that marked a five-decade low, the Bureau of Labor Statistics announced Friday.The rise in unemployment is perhaps a small indicator that the economy is beginning to cool off as interest rates have gradually increased over the past year.
However, the number of people on long-term unemployment, those unemployed for over half a year, continued to decline in February, falling to 1.06 million Americans.
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