April 5 (Reuters) - U.S. employers hired far more workers than expected March while raising wages, suggesting the economy ended the first quarter on solid ground and potentially delaying anticipated interest rate cuts from the Federal Reserve this year.
Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported.
Economists polled by Reuters had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000.
MARKET REACTION: STOCKS: S&P 500 e-mini futures pointed to a higher open on Wall Street BONDS: The U.S. Treasury 10-year yield rose 8.9 basis points to 4.398%; Two-year yields rose 7.2 basis points to 4.7127% FOREX: The dollar index gained 0.3% higher at 104.52
COMMENTS:
PAUL NOLTE, SENIOR WEALTH ADVISOR & MARKET STRATEGIST, MURPHY & SYLVEST WEALTH MANAGEMENT, ELMHURST, ILLINOIS "Everything in the numbers look good. Participation rate was up, hours worked were up. The reason the unemployment rate came down was because of more people coming into the labor force." "With this number and the prior numbers we've seen, it still indicate that the labor market is strong." "The revisions are the only thing that I'm looking for. We'll find out a little bit more from some of the Fed governors that talk today." "We been in the camp that the Fed doesn't cut rates at all because the economy is strong so this still fits within our framework of good employment data that should keep the Fed on the sidelines."
BRAD BECHTEL, GLOBAL HEAD OF FX, JEFFRIES, NEW YORK "It definitely pushes out rate cut expectations. You can see the market is already pricing after September now. That should continue to underpin dollar strength on a broad basis." "I don't know that it'll shake up the carry crowd and the carry narrative, so the high yield versus low yield theme that's been prevalent throughout FX this year. I think that's going to continue to be a popular trade at least through the summer, but the dollar will likely also remain supported just given this shift in rate cut expectations."
(Compiled by the Global Finance & Markets Breaking News team)
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