2024-04-05 09:45:12 ET
Summary
- March nonfarm payrolls exceeded expectations at +303,000, the strongest monthly employment climb since May 2023.
- Unemployment rate dropped to 3.8% from 3.9% in February, while average hourly earnings increased by 0.3%.
- The Fed swaps market shifted out the first rate cut from July to September, with expectations of just two quarter-point cuts in 2024.
March nonfarm payrolls printed a strong +303,000, significantly above the +214,000 consensus forecast, though it was not far from in line with the whisper number due to the strength in ADP Private Payroll report back on Wednesday....
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The Labor Market Won't Quit: 303,000 Jobs Added In March