The current US unemployment rate is at 3.4%, the lowest level in over 50 years. The previous NFP report indicated that 517,000 new jobs were created during January 2023. So, even with a drop of -300,000 jobs compared to January, the forecasted 200,000 new jobs created during February 2023 still implies that the US labor market remains strong.
On the 1st Friday of every month investors expect the release of the US nonfarm payrolls (NFP) report.
Since February was a short month with only 28 days, the March NFP report was pushed forward one week to March 10th.
If price is a leading indicator, then the NASDAQ 100 index year to date price action suggests that investors are not so concerned about the risk of the US economy falling into a deep recession. It seems like investors have been supporting risk assets even in the face of a strong labour market, “sticky” inflation, and the prospects of higher interest rates for a longer period of time.
On the 1st Friday of every month investors expect the release of the US nonfarm payrolls (NFP) report.
Since February was a short month with only 28 days, the March NFP report was pushed forward one week to March 10th.
If price is a leading indicator, then the NASDAQ 100 index year to date price action suggests that investors are not so concerned about the risk of the US economy falling into a deep recession. It seems like investors have been supporting risk assets even in the face of a strong labour market, “sticky” inflation, and the prospects of higher interest rates for a longer period of time.
