TIP - Employment Report March 2024: No Reason For Fed To Cut Rates
2024-04-05 10:55:39 ET
Summary
- Nonfarm Payrolls in March exceeded expectations, growing by 303 thousand jobs, compared to a forecasted change of 212 thousand.
- The unemployment rate fell below expectations, while average hourly earnings and average hours worked both surprised to the upside, raising concerns about inflation.
- The strong labor market and potential tightening of financial conditions could lead to headwinds for fixed income and equity markets in the second half of 2024.
The Employment Situation Report ((ESR)), corresponding to labor market activity during the month of March, 2024, was published by the BLS on Friday, April 5, 2024, at 8:30 AM EST. This report makes available an extraordinary amount of important labor market data derived from two separate surveys: The Establishment Survey and the Household Survey.
In this article, we will walk readers through the most important employment statistics derived from both surveys. However, we will be focusing on a deep breakdown of the Establishment Survey. We will also discuss the likely implications of the report for bond and equity markets....
Employment Report March 2024: No Reason For Fed To Cut Rates