The U.S. labor market showed encouraging performance in February. This revived market expectations that economic recovery would be faster. Even with cases of Covid-19 infection in the United States still high and restrictions imposed by the government limiting business operations, hiring is increasing rapidly.
Based on a report released by the Department of Manpower, the NFP recorded an increase of 379,000 as of mid-February. The increase is almost double the expectations of experts who targeted just 182,000. This performance gives an indication that the labor market in the U.S. is recovering.
The NFP readings for January were re-evaluated and showed a sharp change with the increase of more than 100,000 which is until the latest reading figure is 166,000.
The Dow Jones futures market jumped 215 points following a strong NFP report. The S&P 500 and Nasdaq 100 futures exchanges rose 0.7% and 0.2%, respectively. The US dollar index, which measures the greenback against other major currencies, continued to strengthen by 0.39% to the exchange rate of 92.00.
