Non-farm payrolls measure the change of people employed in the month prior. On Friday, we heard it increased by 311,000 in February – considerably more than the expected 205,000. The most notable job gains came from the leisure and hospitality industry (105,000). Despite this increase, the wage growth slowed and was below expectations.
On a similar note, the US unemployment rate rose to 3.6% in February, up from 3.4% in January which reflected a 50-year low.
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