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MNI BRIEF: Huge US Feb Payrolls Number Won't Move Fed Thinking

MNI (Washington)
WASHINGTON (MNI)

U.S. payrolls growth surged in February, rising by 379,000 when financial markets had expected a gain of 200,000, boosted by the the leisure and hospitality sector recalling 355,000 workers. The unemployment rate also fell by a tenth to 6.2%. Net revisions for prior months were +38,000.

The report is likely not a gamechanger for the Fed, which is looking for a substantial rebound in labor force participation. That rate held steady at 61.4%, while the employment-population ratio added just a tenth to 57.6%. Treasuries traded lower on the report, with the benchmark 10-yr note last trading at 1.595%, extending the move seen from Thursday's U.S. session.

MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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