The U.S. labor market rebounded in March, adding 178,000 jobs and topping the consensus analyst estimate of 65,000 additions. This comes after February’s job losses were revised to 133,000, down from the initially reported 92,000, said the Bureau of Labor Statistics on Friday.
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Forget margin or options. Here's how the pros trade QQQHealthcare was the main driver behind job growth with 76,000 additions, while construction and manufacturing were also strong with a combined 41,000 additions.
Unemployment Rate Falls to 4.3% from 4.4%
Furthermore, the unemployment rate fell to 4.3% from 4.4% and came in below the estimate of 4.4%. However, a major factor behind the drop is a decline in the labor force and the participation rate. “It appears people stopped looking for work in March or perhaps more migrants left the workforce (or both),” said Navy Federal Credit Union Chief Economist Heather Long.
Rate cut odds on the CME FedWatch tool dipped following the data. The odds of a 25 bps rate cut by year-end fell to 12.9% from 21.6% a day ago, while the odds of a 25 bps hike climbed to 10% from 0.2%.