There was good and bad news in the just released payrolls report: on one hand, February payrolls soared by a whopping 313K, smashing expectations of 205K, and well above last month’s upward revised 239K (from 200K). This was the biggest monthly increase since October 2015.
The unemployment rate failed to drop to 4.0% as expected, remaining unchanged at 4.1%.
Here Goldman was right: the black unemployment rate dropped sharply, back to 6.9%, but even with that drop it was not enough to push the overall unemployment rate higher.
However, the not so good news was that hourly wages rose only 2.6% last month, below the 2.8% expected, with the February outlier of 2.9% also revised lower to 2.8%.
Developing
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