We were warned, by many top economists, that the February jobs report was going to be irrelevant. The data was collected before the coronavirus outbreak escalated and became a threat to our financial system. 273,000 jobs were added in February while analysts had expected a gain of about 165,000. The unemployment rate fell from 3.6% to 3.5%, matching a 50-year low. Average hourly earnings rose by 0.3 percent the year-over-year gain is now 3 percent.
Chris Rupkey, head economist for MUFG Union Bank, stated Friday morning. “This could be the last perfect employment report the market gets for some time. Net, net, the employment report was nearly perfect in February before the growing economic storm posed by the spreading coronavirus around the country that threatens many industries where the public gathers from movies, to travel, to the airline industry, even shops and malls.”