March 5, 2021 by
Despite weak US employment data from Automatic Data Processing released on Wednesday, today’s nonfarm payrolls provided a positive surprise, showing a much better employment growth than economists were anticipating. Yet that did not have a
US nonfarm payrolls surged by 379k in February, beating the consensus estimate of an increase by 197k by a wide margin. Furthermore, the previous month’s increase got a positive revision from a terrible figure of 49k to a reasonable 166k. And on top of that, unemployment rate unexpectedly fell from 6.3% to 6.2%. Average hourly earnings rose by 0.2%, in line with expectations. The previous month’s increase got a negative revision from 0.2% to 0.1%. (Event A on the chart.)
Trade balance deficit widened a bit to $68.2 billion in January from $67.0 billion in December, matching analysts’ forecasts. (Event A on the chart.)
Consumer credit fell by $1.3 billion in January. That was a total surprise to experts who were expecting a decent increase of $11.8 billion. Furthermore, the December gain got a negative revision from $9.7 billion to $8.8 billion. (Event B on the chart.)
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