Home » Strong Jobs Data Suggests Fed Can Stay Patient on Inflation

Strong Jobs Data Suggests Fed Can Stay Patient on Inflation

Thanks for joining us. Here are five key takeaways from the March US employment report, released Friday:

  • Nonfarm payrolls advanced 303,000 last month following a combined 22,000 upward revision to job gains in the prior two months, the Bureau of Labor Statistics report showed. The rise exceeded all expectations in a Bloomberg survey of economists.
  • The unemployment rate fell to 3.8%. But Black unemployment rose to 6.4% from 5.6%.
  • Job growth was led by faster hiring in health care, leisure and hospitality, and construction, while a measure of the breadth of job gains increased. Manufacturing employment was unchanged in March after a downward revision to a loss of 10,000 jobs in February.
  • Average hourly earnings were as expected, rising 0.3% from February and 4.1% from a year ago, the slowest annual pace since mid-2021. The participation rate rose to 62.7%, the first advance since November, while the rate for workers age 25-54 ticked down to 83.4%
  • Treasuries sank on the news, sending yields higher. Traders shifted the full pricing for a Fed rate cut to September from July. Stocks retained their gains, with S&P 500 futures up almost 0.3% ahead of the open on Wall Street. The dollar climbed.

Leave a Reply

Your email address will not be published. Required fields are marked *