The US economy gained 273,000 jobs, far above expectations. Wages are up 0.3% monthly, as expected.
The unemployment rate dropped to 3.5% in February. There is no coronavirus impact.
— more to come
Follow all the NFP updates live
The US was expected to report an increase of 175,000 jobs in February, down from 225,000 in January. Average Hourly Earnings carried expectations for an increase of 0.3% monthly and 3% yearly. The Unemployment Rate was forecast to remain unchanged at 3,6%, near the multi-decade low.
Earlier this week, ADP’s private-sector report showed an increase of 183,000 jobs and the ISM Non-Manufacturing PMI’s employment component pointed to accelerated hiring in America’s largest sector.
The US dollar was on the back foot ahead of the publication. Fears that coronavirus spreads in the US have gripped financial markets. Bond markets are pricing another double-dose rate cut from the Federal Reserve on March 18.
Share
