- February Payrolls rose by 192k, 4k less than expected but private sector job gains totaled 222k, 22k above forecasts
- Payrolls averaged 128k over the two months and 145k in the private sector. It’s certainly an improvement but still lackluster at this stage of an economic rebound
- The unemployment rate ticked down by .1% to 8.9% encouragingly led by a 250k increase in the household survey
- The labor force rose by 60k after the sharp decline over the past 2 months
- The all-in U6 rate fell .2% to 15.9%.
- Average hourly earnings was flat vs an expected .2% gain and is up just 1.7% y/o/y
- Manufacturing added jobs for a 4th month.
- Private job growth accelerated and the unemployment rate fell for the third straight month; Since the February 2010 low, total payroll employment has grown by 1.3 million.
- Average hourly earnings of all employees increased by one cent to $22.87, up 1.7% year over year.
- The average work week for all workers was flat at 34.2 hours.
- Among all industries, 68.2% were hiring, up from 60.1% in January. This is the broadest range of hiring since May 1988.
- Revisions were all positive: Payroll rose in December and January by a cumulative 58,000. A revised 152,000 in December and by 63,000 in January.
- Unemployment dropped by 190,000 to 13.7 million; Employment gained 250,000 to 139.6 million.
- The Labor participation rate was unchanged at 64.2%; the employment-population ratio at 58.4% was also unchanged in February
- Sectors that added jobs include Manufacturing (+33,000), Construction (+33,000), Professional and business services (+47,000), Health care (+34,000), Transportation and warehousing (+22,000),
- Sectors losing jobs were State and Local government