The larger-than-expected increase in payrolls suggested that January’s surge in hiring was not a fluke
Economists had argued that job growth in January was flattered by a host of factors, including unseasonably warm weather, annual benchmark revisions to the data as well as overly generous seasonal adjustment factors, the model the government uses to strip out seasonal fluctuations from the data. Robust consumer spending growth in January was also partially attributed to seasonal factors.
Fed Chair Jerome Powell told lawmakers this week that the U.S. central bank would likely need to raise rates more than expected. Prior to the employment report, financial markets had priced in a 50-basis-point rate hike at the Fed’s March 21-22 policy meeting, according to CME Group’s FedWatch tool. The labour market has remained tight, with first-time applications for unemployment benefits staying very low despite high-profile layoffs in the technology industry.
The unemployment rate rose to 3.6 per cent in February from 3.4 per cent in January, which was the lowest since May 1969.
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