In February the economy added 313,000 net new jobs, blowing away economist productions of a gain of 210,000 jobs.
Today’s report of lower than expected initial claims for unemployment raised hopes in the financial markets that the economy will match that upside surprise in March. The March jobs report is scheduled for release on Friday, April 6.
Between then and now, of course, we’re got the March 21 meeting of the Federal Reserve’s Open Market Committee. The CME FedWatch tool, which looks at the Fed Funds Futures market to calculate the odds of an interest rate move by the Federal Reserve, today put the odds of the Fed raising rates at its March 21 meeting at 91.6%. That’s up from 87.4% yesterday.