March's jobs data reported an astounding 303,000 jobs added to the US economy, topping estimates of 214,000, while the unemployment rate ticked down to 3.8%. The Conference Board Chief Economist Dana Peterson and Invesco Global Market Strategist Brian Levitt join Yahoo Finance this morning to discuss the general consensus on the job print's impact on the Federal Reserve's interest rate policy, taking a closer look at wage growth data.

Levitt characterizes the jobs print as a typical "Goldilocks report" while viewing it as "all favorable news" here for the US economy.

"I'm certainly concerned about wages. I mean, wages are still well above the average we saw before the pre-pandemic, before the pandemic. Before that it was roughly just under 3%, now we're still at 4%," Peterson explains. "And so that's going to place upward pressure on overall consumer inflation. The goods news is that housing inflation is slowing, but we're still getting that resistance from wages."

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Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

BRAD SMITH: As we try and make some sense of some of the revisions that we got as well as this hot headline print-- Brian, I want to go to you first. You know, as we think about this kind of market reaction that we're also seeing here too, What do you think investors are trying to get ahead of?

BRIAN LEVITT: It's not a bad report. I mean, we continue to show strength in the jobs data, which is good, and we didn't see wages climb on a year-over-year basis. I mean, they climbed 4.1%, but the rate of change was good. And so, you know, it's a pretty Goldilocks report. And I think everyone's been so focused on how many rate cuts we're going to get. Remember, rate cuts would have been aligned with some softness or some weakness in the economy. I would prefer a strong economic backdrop and a Fed that goes about this slowly. So I view this as all favorable news here.

SEANA SMITH: What do you think, Dana? Do you agree?

DANA PETERSON: Well, I'm certainly concerned about wages. I mean, wages are still well above the average we saw before the pre-pandemic-- before the pandemic. Before that, it was roughly just under 3%, now we're still at 4%. And so that's going to place upward pressure on overall consumer inflation. The good news is that housing inflation is slowing, but we're still getting that resistance from wages. And certainly when we look at the payrolls, yes, you did have the usual suspects like government, leisure and hospitality, non-res construction, and also health care driving a lot of the gains, but we saw some broadening to other sectors.