NFP +192,000, Below Expectations Of 196,000, Below Whisper Of 250,000; Unemployment Rate 8.9%, Unchanged Average Hourly Earnings

Tyler Durden's picture

Total NFP increases in February: +192,000, slightly below expectations of 196,000, and below the Goldman target of 200,000. January revised from 36K to 63K. Private Payrolls increased by 222K on expectations of 200K from 68K, manufacturing jobs increased by 33K from 25K, down from a 53K revised in February. From the report: "Nonfarm payroll employment increased by 192,000 in February, and the unemployment rate was little changed at 8.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, construction, professional and business services, health care, and transportation and warehousing." Average hourly earnings unchanged, and average weekly hours declined to 34.2 from 34.3.

More:

Among the major worker groups, the unemployment rates for adult men (8.7 percent), adult women (8.0 percent), teenagers (23.9 percent), whites (8.0 percent), blacks (15.3 percent), and Hispanics (11.6 percent) showed little or no change in February. The jobless rate for Asians was 6.8 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of job losers and persons who completed temporary jobs, at 8.3 million, continued to trend down in February and has fallen by 1.2 million over the past 12 months. The number of long-term unemployed (those jobless for 27 weeks or more) was 6.0 million and accounted for 43.9 percent of the unemployed. (See tables A-11 and A-12.)

Both the civilian labor force participation rate, at 64.2 percent, and the employment-population ratio, at 58.4 percent, were unchanged in February. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.3 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

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HelluvaEngineer's picture

8.9% will be the headline everywhere today.

Max Hunter's picture

You know it.. Pervasive...  Even though it's because of people leaving the work force... absurd..

jus_lite_reading's picture

Of course, and expect the obligatory "Recovery on track, everything is great" bullshit from Associated Propaganda.

 

dbach's picture

Yahoo Finance headline "Febuary Payrolls Surge - Jobless rate near 2 year low"

I had to come here to see what actaully happened, thanks zh.

quasimodo's picture

Yes! From the article you mentioned

"We have moved into the expansion phase of the economic cycle and the economy is self-sustaining," said Brian Levitt, an economist at OppenheimerFunds in New York."

http://finance.yahoo.com/news/February-payrolls-surge-rb-1838430983.html?x=0&sec=topStories&pos=main&asset=&ccode=

 

What a HUGE fucking relief that is today. I was getting just a little concerned there for a few weeks that Barry would not be able to put gaz in my kar, but all is well!

 

NumberNone's picture

Somebody really wanted to end the 'Above 9%' streak headlines...from Bloomberg prior to report...

"The projected increase in the jobless rate would mean it has been 9 percent or higher for 22 consecutive months, the longest stretch at such elevated levels since monthly records began in 1948."

Well played Labor Department, well played. 

curbyourrisk's picture

Well....that and something about Charlie Sheen or American Idol.

 

Come on, we live in America.....the only news that matters is the news that entertain us...

Ray1968's picture

Yup... the cheerleaders are cheering big time. Hooray! Unemployment has dropped to 8.9% recovery is in full swing.

What a crowd.

TeMpTeK's picture

I'm waiting for the wealth effect to kick in

Id fight Gandhi's picture

What being underpaid and paying more for everything.

Every time I've one to the gas station for the past two weeks overhear everyone complaining.

Bobbyrib's picture

Quit being a socialist and know your role.

TeMpTeK's picture

silver $35.40.... ah yes.... There it is

slow_roast's picture

They should revise that up at 9:30 if markets don't move enough; I think a 200,000+ revision should do it.

firstdivision's picture

This is actually going to put more pressure to end QE2 by the house/senate.  Either QE2 will end in June, or BB will have to resign. I think the algos are confused on how to trade on this info. 

alien-IQ's picture

Algo Logic = When in doubt, go parabolic.

Wynn's picture

What does the house/senate have to do with QE? They defer matters of monetary policy to the Fed, the Fed then blames poor results on the .gov for their budget problems, thus neither assumes any responsibility.

firstdivision's picture

They can put pressure on him during hearings, and publicly denounce BB's decisions/actions. 

Max Hunter's picture

I think the algos are confused on how to trade on this info. 

So is the EUR/USD.. I think so far, has decided not to...

curbyourrisk's picture

"This is actually going to put more pressure to end QE2 by the house/senate."

 

Are you kidding me?  This is below what they were expecting.  It was exactly the kind of read they WANT, so its the read they got.  See...we are adding jobs....just not as much as we hope.  We just might need Q3 afterall!!!

 

-none of what I said above I believe....but the government would like everyone of you to swallow it.....hook, line and...well, you know the rest.

John Law Lives's picture

More lies from the BLS.  All those people dropping off the rolls no long count as unemployed.

Shocker's picture

Once again they inflate with more false hope. I'm very big on an recovery, not just saying it. The majority of people can look at there local level and can see things are not getting better.

Since last report I have seen, plenty of business either layoff or just call it quits. When are we actually going to address some problems nd fix them? Or we just going to keep saying recovery

until the end.

 

NOTW777's picture

laughable.  what a recovery

NOTW777's picture

zandi calls it a "very good" report that shows "boatload" of manufacturing jobs are coming.  they have been heralding the comeback for 2 years now

cossack55's picture

Isn't the name Zandi Czech for "lying-assed Joseph Goebbels Mofo"?

jus_lite_reading's picture

Oh yeah! Let's rock 'n roll boys! Papa needs a bigger bonus this year! Screw the "little people!"

 

http://www.dailyjobcuts.com/

 

Even Harley Davidson is cutting another 150 people! Why? It MUST be the recovery!

EscapeKey's picture

Yeah, but 2 weeks ago they were talking about laying off 200, so in fact they hired 50!

Dolar in a vortex's picture

Heeeyyyy, you're a government employee aren't you?

That kind of logic will get you in front of cameras!

oogs66's picture

Funny how this is best we can do after 2 months of 'snow' reducing the number. Not one single economist pointing out how they dismissed last months report. All propoganda all the time!

poopyjim's picture

Happy days are here again!

mynhair's picture

8.9%

A lot more retirees appearing than first guessed.

jus_lite_reading's picture

ALL HAIL DR. DEFICIT! UNEMPLOYMENT BELOW 9%!

Oh my goodness! Green shoots are growing!

Rally time!

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Whoops! Someone forgot to mention to Whore Street oil is at $103 and rising to $150 very soon!

I'm going to call a contact of mine at a local unemployment office and see if those "lines wrapped around the building" have vanished...

jschurchin's picture

Market up big on this news. I predict up 200+. Oil at over $100/bbl? Thats not news.

dpr10's picture

so this is the positive snow impact from last month hahaha::))

TradingJoe's picture

Benjie:"See bitchez I did created jobs, hehehe, so QE3 must come so I can create some more!! Fuck the dollar, who needs them stinkin' dollars"!!!

This or any variation of it will ghost around the MSM today, it makes me want to vomit!

Meanwhile, Il Oglio "Di Libya" is rising again!

Cortez's picture

What do you call decreased housing prices, increasing fuel and food costs, and a lack of new job growth?

 

 

 

A: A recovery!!

NOTW777's picture

A: A recovery (assuming there is a liberal in the WH that MSM worships)

firstdivision's picture

A: A Recovery (it doesn't matter who is in office, the banks make the decisions)

Cortez's picture

Liberal or conservative isn't important in that the role of media spin is to get people to get out and spend money they don't have (i.e. credit). 

smithcreek's picture

liberal or conservative doesn't matter, neither has the will to do the right thing, but liberal in the WH does matter which way the media spins the data.

docj's picture

I hear the chocolate ration is up to 15g from 20g, too.

StychoKiller's picture

Big Brother comes through for us again; ya gotta love that guy!

Charlie_Day's picture

Where? 200k? Where? They don't exist.

apberusdisvet's picture

The AHs on CNBC now claim that we will never go back to 10%, EVER.  Zandi says 8% by next year.  Wish it were true; just don't see it.

John Law Lives's picture

It may drop to 8% if the Bureau of Lies continues to calculate U3 unemployment they way they do.  When your UE benefits expire, you no long count as unemployed.  How convenient.  It is just like CPI.  Ignore surging food and energy costs and claim there is no inflation.

So much BS.

z tranche's picture

Well, the more people that get their food through SNAP cards, the more people JP Morgan has to hire to monitor and prevent "abuses" in that program, right?