Non-Farm Payrolls Rise by 311,000 in February vs 205,000 Estimate; Unemployment Rate Jumps to 3.6%.
U.S. labor market growth decelerated in February but was still stronger than forecasted despite the Federal Reserve’s efforts to slow the economy and reduce inflation.
Non-Farm Payrolls rose 311,000 in February, more than expected as jobs growth stays hot. They were forecast to increase by 225,000, while the unemployment rate jumped to 3.6% versus a 3.4% forecast.
Average hourly earnings rose 4.6% from a year ago, below the estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.
Though the jobs number was stronger than expectations, February’s growth represented a deceleration from an unusually strong January.
The year opened with a nonfarm payrolls gain of 504,000, a total that was revised down only slightly from the initially reported 517,000. December’s total also was taken down slightly, to 239,000, a decrease of 21,000 from the previous estimate.
Stocks were mixed following the release, while Treasury yields were mostly lower.
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