Markets Lose Momentum After Nonfarm Data Amid Historical Effects of War
US Employment Report: March Overview
March saw US nonfarm payrolls surpass forecasts, accompanied by a slight dip in the unemployment rate. However, market response remained subdued for several reasons: the data reflects past conditions, the payroll increase is expected to be significantly revised downward, temporary factors such as favorable weather and the end of strikes inflated the figures, and global market activity was limited due to Good Friday closures. As a result, this update will be brief.
Following the release, the yield on the US 2-year Treasury note rose by approximately 3 basis points, with the 10-year yield showing a similar move. S&P equity futures showed little reaction. While hiring was broad-based, it was not particularly strong, as illustrated in chart 1. Notably, the education and health sectors contributed 91,000 new jobs.
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