Nonfarm payrolls were expected to increase by 198,000 in February, according to the Dow Jones consensus estimate.
Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%. Wall Street had been looking for 198,000 new jobs and unemployment at 3.7%.Wages rose just 0.1% on the month, one-tenth of a percentage point below the estimate, and were up 4.3% from a year ago.
2 tactics ex-Revlon CEO swears by to get things done: ‘There are a lot of balls in the air. Some are glass, some are rubber.' The jobs numbers likely keep the Federal Reserve on track to cut interest rates later this year, though the timing and extent remain uncertain.following the news, with the Dow Jones Industrial Average up nearly 150 points in early trading. Treasury yields moved lower; the benchmark"It's got literally a data point for every view on the spectrum," Liz Ann Sonders, chief investment strategist at Charles Schwab, said of the report.
The report comes with markets on edge about the state of growth in the broader economy and the impact that might have on monetary policy. Futures tradingafter the report, with traders now pricing in the greater certainty of an initial Fed interest rate cut in June. In recent days, Fed officials have sent mixed signals, indicating that inflation is cooling but not by enough to warrant the first interest rate cuts since the early days of the Covid pandemic crisis., speaking this week on Capitol Hill, described the labor market as"relatively tight" but moving into better balance from the days when job openings outnumbered available workers by a 2-to-1 margin.
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