U.S. Payrolls Increased By 311,000 in February, Much Better Than Expected

Yahoo Finance2023-03-10

The February jobs report showed the U.S. labor market continues to outperform expectations with more than 300,000 new jobs created last month in the face of stubborn inflation and aggressive rate ...

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Comments

AetherC
2023-03-11
AetherC
Ok
GohCL
2023-03-11
GohCL
Yea
Singman
2023-03-11
Singman
Ok
BKT
2023-03-10
BKT
Pls like thanks
Leecash
2023-03-10
Leecash
Buy or don't buy
- Kencom:
  Hang on, it will drop further

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Economists had expected to see 225,000 new jobs 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. 504,000Unemployment 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. 34.6Friday'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 ChairJay 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 a 60% of a 0.50% rate hike on March 22.Ahead of Friday's report, investors were closely watching for revisions to January's jobs data, which came in far stronger than forecast but was, in the eyes of some observers, boosted by seasonal factors and warm weather.Revisions released Friday showed there were 504,000 jobs created in the first month of the year, a mere 13,000 fewer than previously reported.Monthly job gains over the last six months have now averaged 343,000.By industry, Friday's jobs report showed hiring remains particularly robust in the leisure & hospitality sector, as well as retail, health care, and government jobs.There were 105,000 new jobs added to the leisure & hospitality industry in February, the most of any industry. These job gains were slightly higher than the 91,000 jobs created in this industry over the last six months, on average. Employment in this sector still remains 2.4% below pre-pandemic levels, the BLS noted in its report.Construction employment, which Yahoo Finance's Jared Blikre flagged as a key area to watch with recession fears swirling, rose by 24,000 last month, in-line with the average monthly gain of 20,000 seen in this industry over the last six months.Economists and strategists were also closely watching wages ahead of Friday's report, with average hourly earnings rising 4.6% over the prior year in February, an increase from the 4.4% jump seen in January but slightly below forecasts for a 4.7% uptick in wages on an annual basis.Friday's report comes less than two weeks before the Federal Reserve's next policy meeting, with investors bracing for a more aggressive 0.50% rate hike after Fed ChairJay Powell told lawmakers this week\"the ultimate level of interest rates is likely to be higher than previously anticipated.\"Concerns about the banking system given the crisis that has broken out at SVB Financial(SIVB) in the last 48 hours, however, have pushed market pricing back in favor of a more conservative 0.25% rate hike from the Fed later this month, data from the CME Group showed Friday 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