Daily digest market movers: Mixed US NFP confounds markets
- February’s US NFP showed that 275K new jobs were added during the month, well above the forecast 200 K.
- The figure is now higher than January’s print, which was revised sharply lower to 229K from the initial 11-month high of 353K.
- US Average Hourly Earnings growth in February slowed more than expected to 0.1% MoM, below the expected 0.3% and down from the previous month’s 0.5%.
- Annualized Average Hourly Earnings eased to 4.3%, missing the forecast of 4.4%. The previous period also saw a slight downside revision to 4.4% from 4.5%.
- The EU’s final Gross Domestic Product (GDP) did not change from the preliminary release, with Q4’s QoQ GDP staying flat at 0.0%.
- Germany’s YoY Producer Price Index (PPI) unexpectedly recovered ground in January, coming in at -4.4% compared to the forecast decline to -6.6% versus the previous month’s -5.1%.
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