February non-farm figures “justify” rate increase; yields drop on SVB news

10 March 2023

 

Summary: Non-farm payrolls up 311,000 in February, greater than expected; previous two months’ figures revised down by 34,000; jobless rate up from 3.4% to 3.6%, participation rate up; figures “justify another 50bps hike”; employed-to-population ratio steady; underutilisation rate up from 6.6% to 6.8%; annual hourly pay growth up from 4.4% to 4.6%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March...

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