US Job Growth Blows Past Consensus with 303,000 New Hires in March, NFP Data Shows

US employers didn’t hold back last month, much to the surprise of analysts and traders who are now trying to factor that growth in the Fed’s rate-cut outlook.

Key Points:

• March nonfarm payrolls rise by 303,000.
• Fed’s rate-cut outlook clouded.
• Market reaction was a mixed bag.
• US job growth USNFP expanded more than anticipated in March to 0 new jobs created, the latest nonfarm payrolls data showed. US employers didn’t hold back their hiring efforts last month, despite analyst predictions of a cool 189,000 hires who would’ve helped welcome the first interest-rate cut by the Federal Reserve.
• The hotter-than-expected job print added to fears that the US central bank will delay its three interest rate cuts planned for this year. Moreover, the figure builds up expectations that the US economic machine is far from its cooling phase after February’s NFP data hit a scorching 275,000 new joiners to the work force.
• The initial market reaction was a mixed bag as traders struggled to make sense of the number. The EURUSD pair shifted gears to the downside along with gold, which crossed the $2,280 threshold after it hit a record earlier this week. Futures contracts on the major stock averages were flickering in green with the Dow Jones DJI looking to log a winning session after a bruising trading week.