US Nonfarm Payrolls Fall by 92,000 in February, Well Below Expectations
The number of nonfarm payrolls (NFP) in the United States fell by 92,000 in February, according to a report from the Bureau of Labor Statistics (BLS) released Friday.
This result reversed the 126,000 increase in January (revised from 130,000) and missed market expectations of a 59,000 increase.
This large payroll contraction reinforces the signs of a cooling labor market, while increasing market sensitivity to further data that could confirm whether the weakness is temporary or beginning to widen.
For the market, the much weaker-than-usual NFP prompted an adjustment in interest rate expectations, as it added to the argument that monetary policy tightening is beginning to dampen economic activity.
The next focus will be on the details of the labor report—including wage dynamics and the poverty rate—to assess its potential impact on services inflation and the direction of the Fed's policy. (alg)
Source: Newsmaker.id
