Bond yields up on Feb non-farm payroll report

Summary: February non-farm payrolls increase much more than expected; December, January figures revised up modestly; jobless rate declines, participation rate steady; “true” jobless rate 10%; end-of-year hiring lull “over”; jobs-to-population ratio up again; underemployment rate steady, Hourly pay growth unchanged.   The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020. The unemployment rate had been around 3.5% but that changed...

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