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08 Mar 2024

Job Creation Beats Estimates, But Underlying Momentum Slows

The US job creation engine slowed in February, and revisions subtracted heavily from the prior two months – but still managed to generate far more jobs than expected. According to data released by the Bureau of Labor Statistics this morning, 275,000 jobs were added, but the unemployment rate climbed to 3.9 percent as the labour force expanded, and average hourly earnings rose 0.1 percent month-over-month, missing market expectations. Ahead of the release, consensus estimates had pointed to a 200,000-job gain, the unemployment rate was seen holding steady at 3.7 percent, and earnings were expected to rise 0.2 percent.  Revisions subtracted...

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Dollar’s Fade Continues Ahead of Jobs Numbers

The dollar is stuck in a defensive posture after Federal Reserve chair Jerome Powell sounded slightly more dovish in his second day of Congressional testimony yesterday. “We’re waiting to become more confident that inflation is moving sustainably to 2 percent,” he told the Senate Banking Committee. “When we do get that confidence – and we’re not far from it – it’ll be appropriate to begin to dial back the level of restrictiveness”. This morning’s non-farm payrolls number could make or break the dollar’s decline. Expectations for the headline jobs gain have crept above the 200,000 mark this week, but the...

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