Posted 3/8/2024, 5:53:37 PM
February Jobs Report Tempers Rate Cut Fears But Signals Slowing Economy
- February jobs report calms fears that rising inflation could stop Fed from cutting rates this year
- Economy added far fewer jobs in previous months than thought; signs of slowing wage growth emerging
- Unemployment ticked up to 3.9%, inline with 2-year high, signaling resilient but not overheating labor market
- Decline in quits rate and moderating wage growth lessen concerns wages will drive further inflation
- Markets still pricing in Fed rate cuts this year; BlackRock says "maintenance cuts" could start in May/June