If the Fed needed any more excuses for another dovish meeting, that need has now officially been filled. The response to the February jobs report from most commentators has been refreshingly grounded – calls of “Don’t panic” abounded – but a payroll print of just 20k thickens the mud in recent economic data more than enough. The decline in the unemployment rate back down to 3.8% (from 4.0%) and a bounce back in hourly earnings growth (3.4% on the year, 0.3% on the month) were there to reassure us all the sky wasn’t falling, but there were other sources of comfort in the details.
Here are a few highlights:
As iCIMS’ former chief economist, Josh Wright led a team of data scientists in analyzing emerging trends in the U.S. labor market. With publications ranging from academic journals to national media, Wright previously served as a U.S. economist with Bloomberg L.P., and was a staff researcher at the Federal Reserve.