NFP: Payrolls beat expectations

Non-farm payrolls added 273,000 workers, far more than the 175,000 forecast. Prior months revised higher by 85,000, three month average 243,000, Joseph Trevisani from FXStreet reports.

Key quotes

“Non-farm payrolls rose 273,000 last month as the U-3 unemployment rate dropped to 3.5% equaling its lowest level in half a century, reported the Labor Department on Friday.”  

“An alternative unemployment measure the U-6 or underemployment rate, which has a more expansive definition, rose to 7% from 6.9%.”

“December and January job figures were revised higher by 85,000 bringing the three-month average to an impressive 243,000.”

“Hiring decisions for February were largely taken before the Coronavirus scare struck so hard at financial markets. In general US economic statistics have been strong through the first two months of the year.”