US February non-farm payrolls +311K vs +205K expected


  • February 2023 US employment data from the non-farm payrolls report
Adam Button

Adam Button

Friday, 10/03/2023 | 13:30 GMT-0

10/03/2023 | 13:30 GMT-0

This is a big one with the market pricing in a 50/50 chance of a larger FOMC hike ahead of the report and 64% of 25 bps afterwards. The headline is stronger here but the unemployment rate rose and wage growth was below expectations and slowed. Hours worked were also softer so that points to part-time jobs.

Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information and in transportation and warehousing.

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