UPDATE - US adds 275,000 jobs in February, unemployment rises to 3.9% from 3.7%

UPDATES WITH PRESIDENT JOE BIDEN'S COMMENTS

By Ovunc Kutlu

ISTANBUL (AA) - The US economy added 275,000 jobs in February, much higher than market estimates, the Labor Department announced on Friday.

The market expectation for nonfarm payrolls was to show a gain of 198,000 last month.

Job additions for January, on the other hand, were significantly revised down by 124,000 from 353,000 to 229,000, according to data from the Bureau of Labor Statistics.

The unemployment rate, meanwhile, rose to 3.9% in February from 3.7% in January.

The market estimate for the figure was to come in at 3.7%.

Also, the number of unemployed people increased by 334,000 to 6.5 million for February, according to the Labor Department.

President Joe Biden said his administration has added nearly 15 million jobs since he took office.

"Unemployment has been under 4% for the longest stretch in more than 50 years," he said in a statement released by the White House.

The president said inflation keeps coming down, while wages are increasing in the US.

"And I’m taking action to continue lowering costs by taking on Big Pharma, getting rid of hidden junk fees, and making housing more affordable," he added.