CIBC Research discusses its reaction to today's US jobs report for the month of February.
"The US labor market sent mixed signals in February as an impressive 311K jobs were created, above the 225K expected by the consensus, but that upside surprise was partly negated by a negative 34K revision to the prior two-month job tally. Moreover, the unemployment rate rose by two ticks to 3.6%, against the consensus for it to remain unchanged, as employment in the household survey rose by a slower 177K, and the participation rate ticked up. Pockets of weakness were seen in wage growth, which slowed to 0.2% m/m (vs. 0.3% expected), and aggregate hours worked that dropped by 0.1%," CIBC notes.
"Overall, this data doesn't tip the scales on the call for 25 or 50bps at the March FOMC and we await next week's CPI print as a key deciding factor in that call," CIBC adds.