US employment in February surprisingly strong

US job creation in February came in at 379,000 jobs created which was a bumper result considering forecasts were at 198,000. The lion’s share of the gains came from the services sector showing improving signs that the US economy is well on the path to pulling out of the global pandemic. Markets reacted strongly to the upside on the news with investors believing that the jobs number was a good indicator for a higher equity market. However markets began to give back gains in later trading as investors believed this would be a further headwinds to growth and tech stocks in an inflationary environment.