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10 Mar 2023

North American Jobs Reports Top Expectations, But Dollar Falls as US Unemployment Rises

311,000 jobs were created in the United States last month, but wage gains decelerated and the unemployment rate jumped as more people entered the workforce – making a half percentage-point hike at the March Federal Reserve meeting marginally less likely. According to data released by the Bureau of Labor Statistics this morning, the unemployment rate climbed to 3.6 percent in February, and the participation rate moved up to 62.5 percent from 62.4 in the prior month, indicating that some workers are coming off the sidelines. The previous two payroll prints were revised down by a combined 34,000. Average hourly earnings...

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Contagion

A broad selloff in the US banking sector has wiped out billions of dollars in market value and is lowering expectations for rate hikes from the Federal Reserve. The rout began when a rate-related decline in the value of bond holdings, paired with a related drop in technology-sector deposits, forced SVB Financial Group—parent of Silicon Valley Bank—to raise capital through a share sale and sell roughly $21 billion in securities at a loss. Its shares are down more than 79 percent from yesterday’s open, and the financial sector is receiving a pummelling across the board. Market-implied expectations for the Fed...

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