February Jobs Report

February Jobs Report

Wages remain sluggish, as average hourly earnings gained only 0.1 percent month-on-month, keeping annual growth at 2 percent. Second, the drop in the unemployment rate — to 5.5 percent from 5.7 percent — was driven by lower labor market participation.

And in highlighting once again the divergent outlooks of the U.S. and the euro zone when it comes to both economic performance and monetary policy, the report will contribute to further dollar appreciation, an even wider gap between U.S. and German interest rates, and the short-term outperformance of European equities compared with U.S. ones.


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