“The jobs data provides a huge relief for investors fearing the Fed raising rates by half a percent,” portfolio manager Bryce Doty said. The U.S. created 311,000 new jobs in February, following a revised 504,000 gain in January, the government said.
The February jobs report on Friday showed the U.S. economy gained 311,000 jobs last month, with the unemployment rate rising to 3.6% from 3.4%.
• “Leisure & hospitality was still solid , but there are signs here that this might be the last hurrah for strong payroll numbers, corroborated by the recent increase in claims, the decline in JOLTS, and the decline in the diffusion index. Wage growth slowed to +0.2% m/m, but because of base effects the y/y number ticked up to 4.6% from 4.4%.
Related: Want to know the precise number of jobs that would push the Fed to hike by 50 basis points? There isn’t one.
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