Great news from the US labor market - more questions than answers

U.S. employers didn't hold back last month, much to the surprise of analysts and traders who are now trying to factor that growth into the Fed's rate cut forecasts.

Basic moments

• Nonfarm payrolls rose by 303,000 in March.
• The prospects for a Fed rate cut have dimmed and there is a possibility of a delay in US rate cuts.
• The market reaction was mixed.
• US job growth rose more than expected in March to 0 new jobs, the latest nonfarm payroll data showed. U.S. employers did not hold back their hiring efforts last month, despite analysts' forecasts of 189,000 good hires that would help welcome the Federal Reserve's first interest rate cut.
• Better-than-expected jobs data fueled concerns that the U.S. central bank will delay three interest rate cuts planned for this year. Moreover, the figure reinforces expectations that the US economic machine is far from a cooling phase after February NFP data showed 275,000 new workers.
• Initial market reaction was mixed as traders struggled to make sense of the numbers. Currencies moved lower along with gold, which broke above $2,280 after hitting a record earlier this week. Futures contracts for major stock indexes flickered green as the Dow Jones Industrial Average looked to post a winning session after a tough week of trading.