Market Wire, North America

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...

Following through on a well-telegraphed pledge to hold policy steady, the Bank of Canada held its benchmark overnight rate at 4.50 percent this morning, and reiterated a “conditional” commitment to staying the course. The statement-only decision was not accompanied by new forecasts, but officials said “the latest data remains in line with the Bank’s expectation that CPI (Consumer Price Index) inflation will come down to around 3 percent in the middle of this year. Year-over-year measures of core inflation ticked down to about 5 percent, and 3-month measures are around 3½ percent. Both will need to come down further, as...