The turmoil in the US market intensified after the release of US non-farm data on Friday.

Data released earlier showed that non-farm payrolls in the United States rose by 379000 in February, far more than expected by 200000 and 49000 in January.

After the data release, the dollar index rose about 20:00 in the short term, spot gold fell nearly $5 in the short term, US stock futures fell in the short term, all three major stock index futures fell, and the yield on the 10-year Treasury note rose to 1.624%, the highest since February last year.

But shortly afterwards, U. S. stocks and Treasuries rebounded in a V-shaped shape.

The yield on ten-year Treasuries fell below 1.6%.

The dollar index fell more than 20:00 in the short term, about $7 higher in the short term for gold and $0.20 higher in the short term for silver. Us stock futures rose rapidly, with S & P 500 and Dow futures up nearly 1 per cent.

Us non-farm payrolls rose by 379000 in February, the biggest increase since October, with most of the new jobs in the leisure and hotel sectors. The unemployment rate fell to 6.2%, and the revised employment figures for December and January last year added up to 38000 higher than previously reported. Private sector employment growth was much higher than expected, at 465000, higher than the previous estimate of 200000. The labour force participation rate remains unchanged, but the message is that the labour market is recovering after a difficult winter.

The job market is recovering, but "Good news is bad news."?

The Labor Department said most of the new jobs in February were in the leisure and hotel sectors, with fewer new jobs in temporary assistance services, health care and social assistance, retail trade and manufacturing; employment fell in sectors such as construction and mining and state and local government education.

In addition, the change in total non-farm payrolls in December was revised downwards by 79000, from a decrease of 227000 to a decrease of 306000, while the figure for January was revised upward by 117000, from an increase of 49000 to an increase of 166000.

The labor force participation rate remains the same, and we are still in the abyss of unemployment since the outbreak, but the message we have now is that after a difficult winter, said analyst Chris Anstey.The labour market is recovering.

Total employment in the United States is still 10 million below its peak in February 2020, so an increase of 379000 jobs does not fill the gap.At this rate of job growth, it will take two years and four months to make up for the losses caused by the epidemic, and we need to see an accelerated recovery of the job market.

However, the financial website Forexlive pointed out thatIn this report, good news is bad news.The yield on the 10-year Treasury note immediately rose above last week's high, and the dollar rose. This puts pressure on US stock futures.

It is worth noting that the previous employment reports in January and December were disappointing one after another. Overall, the US economy is still about 9.9 million jobs fewer than it was before the pandemic. But non-farm reports last month and this month suggested that job growth may have accelerated as fewer COVID-19 cases and expanded vaccination coverage helped more companies reopen at greater capacity.

Another noteworthy indicator isunemployment rateIt is still above its 50-year low of 3.5% since February 2020. The financial news website MarketWatch found that more than 4 million people have dropped out of the workforce since the outbreak but are not counted as unemployed. Another problem is that some workers who are permanently unemployed have been telling the Government that they are only temporarily unemployed.

In order to better understand how many people have really lost their jobs, it is necessary to focus on a little-known unemployment rate, U6, because it covers those who are too depressed to look for a job and those who can only find part-time jobs. Because U6 is often referred to as the real unemployment rate, it reached 11.7% in January.

Imperial Commercial Bank of Canada believes that although bad weather affected liquidity during the survey reference week, the cold wave only reached Texas in the second half of the week, suggesting that it had little impact on this month's non-farm data. but the impact will be reflected in the total number of hours worked.In other words, next month's non-farm data may be greatly reduced as a result.

Other reports on the US labour market have also been mixed recently. Private sector employment rose by only 117000 in February, well below expectations of 205000, according to the ADP. In other respects, however, weekly jobless claims showed a downward trend in February compared with January, indicating a moderation in the number of newly unemployed.