Despite fears that the U.S. economy was heading into another recession, the jobs market remains on strong footing, with nonfarm payrolls increasing by 242,000 jobs in February and the unemployment rate holding at an eight-year low of 4.9%.
"The labor market continues to be the light shining through the foggy state of the global economy," said Jim Baird, chief investment Officer at Plante Moran Financial Advisors in Kalamazoo, Michigan.

The recession fears have also been soothed by strong consumer spending at the start of the year, as well as signs of some stabilization in the troubled manufacturing sector.

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