While market participants digest the results from the latest FOMC meeting, where the Federal Reserve maintained its hawkish stance, increasing the benchmark interest rate by 25 basis points, investors and traders alike turn their attention to the latest Non-Farm Payroll (NFP) data report.
The Non-Farm Payrolls report came in at a massive upside surprise, with a much higher-than-expected 517 000 jobs being added to the U.S. economy in January 2023, significantly exceeding expectations of 188 000. Additionally, the lower-than-anticipated 3.4% unemployment rate for January, down from 3.5% in December, will buzz market participants as the FED continues its hawkish battle against inflation. U.S. Average Hourly Earnings came in slightly lower than expected at 4.4% against analysts’ expectations of 4.9%.
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