February Jobs Report
Net job gains 275K, higher than the 200K expected.
Hourly wage gains 0.1%, lower than 0.2% expected.
The two-month payroll revision, though, shows a 167,000 loss
The Unemployment rate rose to 3.9%
The 10-year treasury yield, which started at 4.09 is at 4.05
Yesterday, Powell indicated – Fed ‘not far’ from confidence to cut rates
Category – Market Outlook
Payroll Report for Dec 2023
Net job gains 216K, higher than the 175K expected.
Hourly wage gains 4.1%, higher than 3.9% expected.
The two-month payroll revision, though, shows a 71,000 reduction in gains.
The 10-year treasury is up 8 basis points to 4.07%, with hourly wage gain increase being the main culprit.
S&P Futures down 0.4%
Expectations of the Fed reducing rates at their March meeting are down to only 50% based on a good jobs report and the higher wage increase.