ACTV - March Nonfarm Payrolls Review: Another 'Soft Landing' Jobs Report
2024-04-05 12:48:51 ET
Summary
- March jobs report exceeds expectations with 303,000 jobs added. Unemployment rate drops to 3.8%.
- Wage growth slows, alleviating inflation concerns.
- Market rallies despite Fed commentary and geopolitical tensions, suggesting a strong economy and potential rate cuts.
- The US economy is strong and the primary risk to continued progress would likely be spiking energy prices from worsening geopolitical risk.
The March jobs report came in at 303,000, which was significantly more than expected. Initial expectations had been for 200,000 jobs and FOMC hawks have been talking about no cuts this year, yet markets rallied. While the market initially sold off, it recovered shortly after the report. The headline unemployment number came down from 3.9% to 3.8%. Overall, the report was very hot, but the job gains were concentrated in a few sectors....
March Nonfarm Payrolls Review: Another 'Soft Landing' Jobs Report