US February non-farm payrolls +311K vs +205K expected

• Prior was +517K (revised to 504K)
• Two-month net revision -34K
• Unemployment rate 3.6% vs 3.4% expected
• Prior unemployment rate 3.4% *
• Participation rate % vs 62.4% prior (was 63.4% pre-pandemic)
• U6 underemployment rate % vs 6.6% prior
• Average hourly earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term +0.2% m/m vs +0.3% expected (prior +0.3%)
• Average hourly earnings +4.6% y/y vs +4.7% expected (prior +4.4%)
• Average weekly hours 34.5 vs 34.6 expected
• Change in private payrolls 265K vs +210K expected
• Change in manufacturing payrolls -4K vs +12K expected
• Household survey +177K
• Birth-death adjustment added 176K jobs

This is a big one with the market pricing in a 50/50 chance of a larger FOMC hike ahead of the report and 64% of 25 bps afterwards. The headline is stronger here but the unemployment rate rose and wage growth was below expectations and slowed. Hours worked were also softer so that points to part-time jobs.

Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information and in transportation and warehousing.