SPXT - February Jobs Report: A Mulligan After January Shocker

2024-03-08 09:55:17 ET

Summary

• Employers added 275,000 jobs in February, according to the Labor Department’s closely watched monthly report.
• The gains were above expectations and not quite a return to earth following shocking beats in both December and January.
• Data from the prior two months, however, were revised down by a collective 167,000 jobs. Unemployment also ticked higher in February.
• With markets trading precariously at record highs, stocks were more susceptible to increased selling pressure.
• I view February's job details as a neutral reading despite the higher-than-expected headline growth.

U.S. job growth didn't quite fall back to earth after soaring past estimates in both December and January. But downward revisions for prior months suggest growth may not be as strong as initially advertised....

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