A bumper employment boost in Joe Biden's first jobs report caused a spike in US government borrowing costs to their highest level in more than a year. Inflation jitters on bond markets were fuelled again by 379,000 jobs being added to the US economy in February, the strongest showing for four months. Forecasters predicted the vaccine rollout and the president's stimulus jolt will extend the jobs recovery in the coming months after an expectations-smashing report. The labour market quickly regained momentum following the second wave setback with the jobs gain in the first full month under Mr Biden well above forecasts of below 200,000. Unemployment edged down 0.1 percentage points to 6.2pc but the headline rate is flattered by many American workers temporarily sitting out of the labour market. Signs of the rapidly recovering jobs markets stoked volatility in US Treasuries, which are being closed watched by investors. Expectations of a strong economic recovery boosted the benchmark 10-year Treasury yield to above 1.60pc, the highest level in more than a year before later retreating. Bond yields have risen sharply this year on worries that a fast rebounding economy will spark higher inflation, potentially forcing central bankers to pare back stimulus…. Read full this story
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