Here’s the Key To the Jobs Report

March 8, 2024
Author: Peter Stolcers, Founder of OneOption

This was an excellent number all the way around. People have jobs and the economy is strong. The hourly wage component was of greatest interest to me and here's why.

PRE-OPEN MARKET COMMENTS FRIDAY – This morning we got the jobs report. Hourly wages came in at .1% and they were revised down to .5% last month. In my opinion this was the biggest component of the report and it is good news for inflation. States increased minimum wages on January 1 and that is why I believe it spiked. Wages are the largest input cost for companies and they pass those costs on to consumers. In February, 275K new jobs were created. That is consistent with the low initial jobless claims numbers the last four weeks.

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