The United States Labor Department managed to tally a whopping number of new jobs for the month of February. The shocking figures pushed local indices prices higher, helping them extend their lead today even more.
According to the latest figures from the Labor Department, February managed to create an incredible number of new jobs at 313,000 jobs. Last month’s jump in figures has been the biggest they’ve tallied since the July of 2016.
Labor Department Employment Figures
The data are better and higher than what the market expected which was supposed to be around the median estimate of 205,000. The sudden surge last month also prompted economists and analysts to increase the coming data by a total of 54,000.
Economists in the market are applauding the figures as they prove to be relatively high, and are leaps and bounds higher than what most have expected. The hiring surge is expected to continue and hopefully pull the Fed’s attention.
The rampant number of hiring numbers is also pushing the wages to great new numbers. According to reports, the wages tallied a whopping 2.6% increase as opposed to the same time last year. The investors liked the wage increase, pushing most indices higher.
Employment and Wage Rate
On the other hand, the extensive numbers that the wage increases will eventually turn to a rising inflation and massive US interest rates. Furthermore, the initial wages increase toned down last January and shrugged any additional Fed and interest rate hike talk.
Meanwhile, despite having stellar numbers on the new jobs figures from February and great wages increase, the local unemployment rate continues to sink to abysmal levels. The unemployment rate continues to tick on the lowest levels it had for the past 17 years at 4.1%.
This has been the fifth straight time that the unemployment rate continues to hover around 4.1%. The average hourly rates also increased by great levels to a total of 2.6% as opposed from the same time last year. This rampant wage increase will give the Fed the go-sign to increase the interest rates sooner.
Indices Up on Wonderful Employment and Wage Data
The local indices managed to ride the economic data’s tailwind with great increase tallied all across the board. Noticeable increases were tallied from the Dow Jones Industrial, as it closed last week with stellar numbers and extending its dominance on today’s market.
The Dow added a whopping 441 points from the upbeat economic data or a total of 1.8% single-day increase. The Nasdaq and S&P 500 also tallied respectable surge with 1.6% and 1.4% increase respectively.
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