RTX - A Goldilocks February Jobs Report: Stocks Rally Yields Ease Dollar Drops

2024-03-08 09:45:00 ET

Summary

• The February jobs report showed a significant employment gain of 275,000, surpassing expectations.
• Unemployment rate jumps to 3.9%, the highest since January 2022.
• Average hourly earnings rose less than forecast, up only 0.1% on a month-over-month basis while revisions to January's jobs jolt were to the downside.
• S&P 500 ticked to fresh all-time highs as the 10-year Treasury yield fell further.

The February jobs report revealed a hot 275,000 employment gain, significantly above the +200,000 consensus. It was the 38th straight monthly rise in the headline nonfarm payroll ("NFP") number. The unemployment rate, however, jumped significantly to 3.9% - the highest since January 2022 and 0.2ppt above expectations. Average hourly earnings rose less than forecast, up just 0.1% on a month-over-month basis and down from a 0.6% rise in January. Average hourly earnings are now up 4.3% from a year ago. January’s jobs jolt was moderated from the initial read, and that was the growing consensus coming into the February NFP report....

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