The February jobs report showed the U.S. labor market remains strong even in the face of stubborn inflation.
The U.S. economy added 311,000 jobs last month, more than expected, while the unemployment rate ticked higher on a rise in labor force participation. Economists had expected to see 225,000 were added to the economy last month with the unemployment rate holding steady at 3.4%, according to data from Bloomberg.
Here were the key figures investors were looking for in Friday’s report, with results compared January’s figures:
- Nonfarm payrolls: 311,000 vs. 504,000
- Unemployment rate: 3.6% vs. 3.4%
- Average hourly earnings, month-on-month: 0.2% vs. 0.3%
- Average hourly earnings, year-on-year: 4.6% vs. 4.4%
- Labor force participation rate: 62.5% vs. 62.4%
- Average weekly hours worked: 34.5 vs. 34.6
Friday’s report comes less than two weeks before the Federal Reserve’s next policy meeting, with markets now expecting the central bank will raise interest rates by a more aggressive 0.50%.
Fed Chair Jay Powell told lawmakers this week “the ultimate level of interest rates is likely to be higher than previously anticipated.”
Data from the CME Group ahead of Friday’s release showed markets pricing in an 60% of a 0.50% rate hike on March 22.
Source: Yahoo
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