- U.S. stocks rose on Friday after a better-than-expected March jobs report.
- The U.S. economy added 303,000 jobs last month, well above the 212,000 jobs expected by economists.
- Employment data showed a slowdown in wage growth, which could suggest moderation in next week’s consumer price index (CPI) data.
U.S. stocks soared on Friday, recovering much of Thursday’s losses after March jobs data beat analysts’ expectations.
The U.S. economy added 303,000 jobs in March, significantly higher than the 212,000 expected by economists. Investors are choosing to view strong economic indicators as a positive, believing that economic expansion will spur profit growth. This optimism appears to outweigh concerns that the Fed will be slow to cut rates.
The report also showed that the unemployment rate fell from 3.9% to 3.8% and that wage inflation eased during the month. This is important because wage inflation plays an important role in overall inflation, and next week’s CPI report suggests the upside may not be surprising.
Sonu Varghese, a strategist at Carson Group, told Business Insider: “Another big pay report suggests the economy is strong and far from recession, with payrolls averaging 27 per month in the last quarter. “The number has increased by 6,000 people,” he said. “Ultimately, this will postpone any rate cuts by the Fed, but slower wage growth means we are not in the midst of a labor market-induced inflation spike. .”
Here are the U.S. indices as of Friday’s close at 4 p.m.
Here’s what else happened today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude oil rose 0.20% to $86.76 a barrel. Brent crude oil, the international standard, rose 0.39% to $91.00 per barrel.
- Gold rose 1.50% to $2,343.20 per ounce.
- The yield on the 10-year U.S. Treasury rose 7 basis points to 4.39%.
- Bitcoin fell 0.99% to $67,844.
