This afternoon, US nonfarm payrolls figures were announced by the US Bureau of Labor Statistics.
The bureau reported that total nonfarm payroll employment rose by 303,000 in March, while unemployment rate changed little at 3.8%. According to the release this was “significantly higher than the average monthly gain of 231,000 over the prior 12 months.”
Exceeding expectations
The figures were significantly above expectations. Ahead of the figures, it was anticipated that 200,000 jobs would have been added to the economy in March, marginally down from the 275,000 roles created in February.
Rate cut optimism
The figures have arguably once again raised hopes that the Federal Reserve will soon lower rate cuts off the back of the positive data.
Some analysts believe the first rate cut may even be coming as early as June 2024, although others have opined that later in the year is more likely.
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