The official employment report for February showed an increase in the Nonfarm payrolls of 379,000, widely beating the market consensus of 182,000. In addition, the January figures were revised up from +49,000 to +166,000. This gave more strength to the dollar that resumed the rally throughout the market. Job creation of February was the highest in four months. On the negative side, the December figures went from -227,000 to -306,000 (negative revision of 79,000 with respect to the second estimate and of 166,000 with respect to the one initially reported).
The unemployment rate fell from 6.3% to 6.2%, while the labor participation rate was unchanged at 61.4%.
Regarding the income for now, these increased 0.2% in February, in line with expectations; and they are up 5.3% compared to twelve months ago.
Consumer credit data will be released later on Friday, although it is not expected to have an impact on the market. Traders remain focused on what happens to the stock markets and especially the bond market, with the rise in yields.
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