NFP - Powell warns of a rate cut

2024-04-05
Summary:

BLS reported a 275k rise in nonfarm payrolls, with the jobless rate at 3.9%. Economists expected 198k new jobs, according to Dow Jones' survey.

March NFP


5/4/2024 (Fri)


Previous (Feb):275k Forecast: 200k


Nonfarm payrolls increased by 275k for the month while the jobless rate moved higher to 3.9%, the BLS reported. Economists surveyed by Dow Jones had been looking for payroll growth of 198k.


February was a step higher in growth from January, which saw a steep downward revision to 229k. Meanwhile, average hourly earnings showed a deceleration from a year ago.


Fed Chair Jerome Powell used his opening statement at March’s press conference to declare that a surprise increase in unemployment could prompt the Fed to lower rates.

NFP

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