Jobs Report Blows Expectations Out Of The Water

Wall Street higher as Feb wage data allays inflation fears; Dow up 0.5%

The manufacturing sector also added 31,000 jobs, while retail employment rebounded from declines previous year.

Job gains have averaged 242,000 over the last three months; economists have long said that the average needs to be over 300,000 to spur even greater growth, and to help those who have struggled in the aftermath of the 2008 Wall Street collapse. As the number of jobless persons remained unchanged at 6.7 million, the jobless rate remained the same for the fifth straight month. Economists had expected the report to show that average hourly earnings grew by 0.2% over the prior month and 2.8% over the prior year in February, according to estimates from Bloomberg. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January. A majority of economists - 42% - surveyed by are expecting four or more rate hikes this year; 37% are projecting three increases.

Construction employment was estimated to increase by 34.4 hours, after slipping to 34.3 hours in January. The Dow is down over a thousand points since last month's employment prediction, while the Atlanta Fed's GDPNow model forecasts Q1 GDP has settled to a healthy but more grounded 2.8 percent, down off of a transient but eyebrow-raising 5.4 percent. It is also less than the 20,600 jobs the industry added in January. The report published today (March 9) also revised up the figure for January to 239,000.

Fed officials in recent speeches have indicated that the economy can continue to add jobs without inflation becoming a concern, but say they are watching the situation closely. Retail payrolls jumped by 50,300, the largest increase since February 2016. That rate, known as the U-6, remains elevated compared with the last time the headline rate touched 4%.

Britain and Saudi Arabia target 65 billion pound trade and investment ties
Mohammed bin Salman arrived in the United Kingdom on Tuesday night, and is expected to spend three days in the country. The demonstration was organised by Avaaz, a civic platform that among other causes promotes human rights.

Employment data from the US Department of Labor (DOL) is due to be released later in the day.

United States manufacturing added 32,000 jobs in February, primarily in durable goods, while non-durable goods decreased by 1000 jobs last month. "Having said that, if we see the February payrolls number sustained, which seems unlikely, that keeps the inflation question very much in play". But the population is always growing, and when you consider the size of the country overall, these numbers really don't represent that impressive a number of new jobs created.

Labor force participation has been on the decline for years in the US labor market, and February's increase shows there is still slack remaining in the labor market to draw in workers who were left behind after the financial crisis.

The U.S. stocks were traded higher after the strong job report.

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