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Payrolls Surge By 236,000 In February, Following Big Downward Revision, Unemployment Rate Slides To 7.7%
February payrolls rose by a whopping 236,000, much better than the 165,000 expected, and 1K higher than the highest Wall Street forecast of 235K. However this takes place as the January number was revised from 157K to 119K. The unemployment rate slides to 7.7%, on expectations of a 7.9%. This was the lowest unemployment rate since December of 2008. The civilian labor force dropped as usual from 63.6% to 63.5%. The household survey saw an increase of 170K jobs in February, following a 17K increase in January.
More details:
- Change in Private Payrolls: +246K, on Exp. 170K, last revised from 166K to 140k
- Change in Manufacturing Payrolls: +14K on Exp. 9K, last revised from 4K to 12K
- Average hourly earnings M/M rose by 0.2%, and 2.1% Y/Y, in line with expectations
- Average hourly hours for all employees rose from 34.4 to 34.5
- Birth death adds 102K to the unadjusted number
Getting ever closer to that economic state where, like three times perviously, the Fed thought the economy was ready to stan on its own too wheels. How close: not very at all.
Visually:
More from the report:
Total nonfarm payroll employment increased by 236,000 in February, with job gains in professional and business services, construction, and health care. In the prior 3 months, employment had risen by an average of 195,000
per month. (See table B-1.)
Professional and business services added 73,000 jobs in February; employment in the industry had changed little (+16,000) in January. In February, employment in administrative and support services, which includes employment services and services to buildings, rose by 44,000. Accounting and bookkeeping services added 11,000 jobs, and growth continued in computer systems design and in management and technical consulting services.
In February, employment in construction increased by 48,000. Since September, construction employment has risen by 151,000. In February, job growth occurred in specialty trade contractors, with this gain about equally split between residential (+17,000) and nonresidential specialty trade contractors (+15,000). Nonresidential building construction also added jobs (+6,000).
The health care industry continued to add jobs in February (+32,000). Within health care, there was a job gain of 14,000 in ambulatory health care services, which includes doctors' offices and outpatient care centers. Employment also increased over the month in nursing and residential care facilities (+9,000) and hospitals (+9,000).
Employment in the information industry increased over the month (+20,000), lifted by a large job gain in the motion picture and sound recording industry.
Employment continued to trend up in retail trade in February (+24,000). Retail trade has added 252,000 jobs over the past 12 months. Employment also continued to trend up over the month in food services and drinking places and in wholesale trade. Employment in other major industries showed little change over the month.
In February, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.5 hours. The manufacturing workweek rose by 0.2 hour to 40.9 hours, and factory overtime edged up by 0.1 hour to 3.4 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.2 hour to 33.8 hours. (See tables B-2 and B-7.)
Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.82. Over the year, average hourly earnings have risen by 2.1 percent. In February, average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $20.04. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for December was revised from +196,000 to +219,000, and the change for January was revised from +157,000 to +119,000.
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A true "entitlement" must be earned or paid for. If you believe an entitlement is unearned but simply bestowed upon you because of the blessing to this world of your existence, then it will never be enough.
Even worse than that - I know of a firm where those who make over a certain hourly wage were all given the "offer" of voluntary separation. The clear plan is to replace them with people who make much less. Also, with all this hiring, how come I haven't seen any news reports of big hiring going on? I have heard lots of stories of layoffs, nothing on hiring. Where is all this jobs growth actually happening? Anyone have a company name which has been reported to hire 10 or more people in the past month?
i cant wait for next months revisions for feb to be downwards of like 40,000 and putting the numbers at under 200,000, but dont worry the march numbers will be up 500,000 so the market can skyrocket, only to be revised downward the following month by more than 70 percent, and so on and so on
It'll actually probably revise it UP......because revisions are just guesses, in a sense. It's base on tax receipts and surveys; considering the amount of temp jobs being created, the data is misleading because a business could hire 4 people in the same month, cut them, and then rinse/wash/repeat when they need the help again.
Plus, I think the revisions are manipulated. But not by the left wing/right wing paradigm....but the CORPORATE paradigm. That's what was so fishy about that Jack Welch tweet - it was just he was trying to enter into our conscious that the numbers are manipulated for personal political game...where really, if you look at it, the numbers are manipulated to make the system LOOK LIKE IT'S HEALING. But hey, just say, "Chicago style politics", and watch the impressionable dumb policy wonks and baby boomers eat this shit up.
Listen, the big money in this country.....they are not completely dumb. They know they need to make sure things are moving "forward".
They know they have to hire SOME people; they just can't sit on these mounds of cash and act like they don't completely care....because then people will start to get suspicious that the economy is actually just a fraudlent system based on money printing, not actual growth. This affects their precious stock prices.
That's why you see this nominal hiring at the beginning/end of the year.....only to see jobs get jettisoned after fiscal year end reports.
They need a slow bleeding. If the thing falls down an elevator shaft again, people will start to revolt and reject the system (and the dollar). TPTB need to stall time so they can enact laws that invade privacy, that strengthen the police state, before the system flushes....that way, Jaime Dimon's head doesn't get put on a platter.
If you study Japan, because I think that is where we are headed (at least economically.....we will however handle our difficulties of stagnation in another way - in plumes of flames).....this is what the effects of QE do: it keeps the boat afloat (while it dumps the blood of people into the ocean).
Fuck you BLS.
Agg income and median income still sliding too.
"No recovery for you, 10 years!" - Soup Nazi
Can you imagine if the coach of an NFL team came to the podium and said, "What a game! The guys did a great job of covering the spread!"
That is what you will be reading in the blogosphere today.
How low are we going to lower the bar? 7.7% (manipulated) is positive.
7% is the New Normal of Unemployment. This will allow QE4EVA
Unemployment marches toward zero as more leave the workforce or take part-time jobs. The consumer economy is disappearing quickly.
President Johnson's Great Society was the start of race based arguments to run federal deficits.
The US Gov't has now run out opf money to c0ontinue the funding of cultural diversity and equal outcomes.
The US Fed Reserve is now printing money to take up the slack in the socio-economic shifts demanded by the left wing fascists.
Controlling interest rates, the US bond mafrket, and now the Equity market outright..... the Fed's job is to hold up the markets until the left wing facsists have an insurmountable advantage at the voting booths with Takers...or just a race based voting advantage.
Without the unprecedented, unconstitutional printing by the Fed Johnson's Great Society would have collapsed under its own socio-economic rot and inefficiency.
if more people are back to work, wouldn't that put upward pressure on things like fuel supplies, food , clothes , etc which would mean higher prices?
also with more people back to work, the available labor pool is smaller which means employers will have to pay more for workers. higher wages could be a source inflation too . up till now lack of upward pressure by wages has been holding down official inflation numbers
Narrative now conveniently setup for the coming dissapointment "The light at the end of the tunnel has been shut off due to budget cuts".
It is all downhill from now on. They will start reporting the real numbers. Why? As propaganda to convice Americans that it is "sequester" that caused the coming job losses. That unemployment was at 4 year lows and then those evil republicans and their sequestor ruined the party. The Huffington Post is already letting us know these numbers are "pre sequester". Obama has his scape goat for his negligence and it is called sequester.