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Nonfarm payrolls rise by 678,000 in February, beating expectations of 400,000

  • Non-Farm Payrolls rise by 678,000, exceeding expectation of 400,000
  • Unemployment rate falls to 3.8% vs. 3.9% expected.
  • The dollar fell slightly after the data.

The February’s official report from the United States showed, in general, figures better than expected. The positive in terms of job creation was overshadowed by a stagnation in hourly earnings.

The non-farm payrolls increased in February by 678,000, surpassing the market consensus of 400,000 and higher than January’s 481,000 (revised from 467,000). February was the best month since July last year.

The unemployment rate it went from 4% in January to 3.8% in February, less than the expected 3.9%. The labor participation rate it increased from 62.2% to 62.3%, against an expected drop to 62%.

In regards to the hourly earnings, remained unchanged as the consensus was for a 0.5% rise. In January there had been a rise of 0.6% (revised from 0.7%)

The dollar did not register large variations after the data. He had been rising strongly against the euro and the pound, but stopped the advance.

The key data next week will be retail inflation and the following week, on March 15 and 16, will be the meeting of the Federal Reserve. Saturday begins the period in which central bank officials can no longer speak in public.

Jerome Powell, the president of the Fed, said in his presentation before Congress days ago that he was going to propose a rise of 25 basis points at the next meeting and did not rule out continuing to rise in the future, if necessary according to the situation.

Source: Fx Street

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