February Payrolls 175K, Beat Expectations Of 149K, Unemployment Rate Rises To 6.7%

Tyler Durden's picture


So much for the weather. As we warned earlier today, when we said that with everyone expecting a miserable print the only possible result would be a large "beat", sure enough that's precisely what happened. Breaking it down:

  • February payrolls: +175K, Exp. 149K, Last revised from 113K to 129K).
  • Household survey jobs added: 42K, far less than the Household survey.
  • Unemployment rate: 6.7%, Exp. 6.6%, Last 6.6%.
  • Labor participation rate: 63.0%, Last 63.0%
  • Private payrolls: 162K, Exp. 145K, Last 145K
  • Manufacturing payrolls: 6K, Exp. 5K, Previous revised from 21K to 6K



From the report:

Both the number of unemployed persons (10.5 million) and the unemployment rate (6.7 percent) changed little in February. The jobless rate has shown  little movement since December. Over the year, the number of unemployed persons and the unemployment rate were down by 1.6 million and 1.0 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.4 percent), adult women (5.9 percent), teenagers (21.4 percent), whites (5.8 percent), blacks (12.0 percent), and Hispanics (8.1 percent) showed little or no change in February. The jobless rate for Asians was 6.0 percent (not seasonally adjusted), about unchanged over the year. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 203,000 in February to 3.8 million; these individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed was down by 901,000 over the year. (See table A-12.)

Both the civilian labor force participation rate (63.0 percent) and the employment-population ratio (58.8 percent) were unchanged in February. The labor force participation rate was down 0.5 percentage point from a year ago, while the employment-population ratio was little changed over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.2 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In February, 2.3 million persons were marginally attached to the labor force, a decline of 285,000 over the year. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 755,000 discouraged workers in February, down by 130,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in February had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)

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Fri, 03/07/2014 - 09:37 | 4520697 Shocker
Shocker's picture

Again still waiting on the recovery

Layoff / Closing List: http://www.dailyjobcuts.com



Fri, 03/07/2014 - 09:38 | 4520702 AlaricBalth
AlaricBalth's picture

Must have been the weather.

Fri, 03/07/2014 - 09:40 | 4520724 GetZeeGold
GetZeeGold's picture



Just bask in the recovery....and try not to think too much.

Fri, 03/07/2014 - 09:50 | 4520777 BKbroiler
BKbroiler's picture

I'm recovering too... it's called a hangover.  Doesn't mean things are going well.

Fri, 03/07/2014 - 10:11 | 4520890 MillionDollarBonus_
MillionDollarBonus_'s picture

This bodes well for the global recovery. I think we may be at the point where Janet Yellen can consider tightening the balance sheet. The key will be to do it in such a way that doesn't harm growth, but since the recovery is now self-sustaning, this may be an option to consider. I'll leave that decision to the experts.

Fri, 03/07/2014 - 10:15 | 4520904 TheCanadianAustrian
TheCanadianAustrian's picture

All the credit has to go to Yellen. It's been scientifically proven that estrogen is highly correlated with intelligence, and testosterone is highly correlated with a lack thereof.

Fri, 03/07/2014 - 12:50 | 4521562 merizobeach
merizobeach's picture

Well, you've made assertions, but without supporting evidence.  I've heard a contrarian theory, supported and asserted thus:

Women, unfortunately for them, are saddled with a pair of noncorrectible genetic impairments--the X-chromosome redundancy disorder, as well as the Y-chromosome deficiency syndrome--which, in conjunction, preclude effective intelligence.

Fri, 03/07/2014 - 10:59 | 4521071 RealityCheque
RealityCheque's picture

MDB: undisputed heavyweight king of the trolls.

Don't ever change dude.

Fri, 03/07/2014 - 12:36 | 4521508 merizobeach
merizobeach's picture

MBD is back!  Fuck yeah, bitchez!!  Somebody linked to the Accredited Times here yesterday.  Seems you've got a "phonestar" in your comments section, ruffling the feathers of our resident fone.  I downvote the shit out of fonestar from time to time, but I still like his contributing; the eccentrics add most of the laughs around here.

Fri, 03/07/2014 - 09:51 | 4520787 ghengis86
ghengis86's picture

The beat gets everybody to pile in long over the weekend. At 3:30EST, Purin drops the hammer and come Monday all the bigs boys and their new short positions rip the faces off the muppets once again.

Rinse, repeat

Fri, 03/07/2014 - 10:51 | 4521033 texas sandman
texas sandman's picture

Let me get this straight.  125K gets an unemployment percentage reduction. ..175K equals a rise...okeydokey, you must need that New Math they were teaching for a while to be able to figure that one out.

Fri, 03/07/2014 - 09:38 | 4520705 Gief Gold Plox
Gief Gold Plox's picture

And there goes gold. What a shocking surprise.

Fri, 03/07/2014 - 09:46 | 4520759 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

What did you expect?



Fri, 03/07/2014 - 09:48 | 4520762 GetZeeGold
GetZeeGold's picture



And there goes gold. What a shocking surprise.


The 711 crowd could care less about impending WW3.

Fri, 03/07/2014 - 09:56 | 4520815 TeamDepends
TeamDepends's picture

Going to be interesting to see if Ag and Au can retrace the smackdown and finish positive today.  If so, it will be a clear signal the cartel has lost control, and gap-ups are around the corner.

Fri, 03/07/2014 - 09:50 | 4520786 papaswamp
papaswamp's picture

Gold and oil were already showing they knew it was a beat a good hour before the release.

Fri, 03/07/2014 - 10:07 | 4520855 JPMorgan
JPMorgan's picture

NFP stats, it's the gift that keeps giving.

Just roll with it. :-)

Next up the March Fed meeting and Crimex expiry.

Fri, 03/07/2014 - 09:48 | 4520773 TideFighter
TideFighter's picture

Radio Shack customers are calling in...they want the 80's back. 

Fri, 03/07/2014 - 09:37 | 4520698 fightthepower
fightthepower's picture

Waiting to hear why this number is bullshit...

Fri, 03/07/2014 - 09:41 | 4520732 kaiserhoff
kaiserhoff's picture

Seasonal adjustment?

Fri, 03/07/2014 - 09:44 | 4520746 pods
pods's picture

Well first off I would say that if it comes from or benefits the government there are two good reasons.


Fri, 03/07/2014 - 09:37 | 4520700 skwid vacuous
skwid vacuous's picture

nasdaq 5000 by end of next week...

Fri, 03/07/2014 - 09:37 | 4520701 Wait What
Wait What's picture

to the moon alice, to the moon!

Fri, 03/07/2014 - 09:38 | 4520703 Jlasoon
Jlasoon's picture

Does this mean Staples is Ok now?

Fri, 03/07/2014 - 09:41 | 4520729 GetZeeGold
GetZeeGold's picture



In theory......yes.

Fri, 03/07/2014 - 10:05 | 4520862 jeff montanye
jeff montanye's picture

In theory there is no difference between theory and practice. In practice there is.

Yogi Berra

Fri, 03/07/2014 - 09:39 | 4520708 thatthingcanfly
thatthingcanfly's picture

And cue the obligatory gold & silver smackdown.

Fri, 03/07/2014 - 09:38 | 4520710 kaiserhoff
kaiserhoff's picture

Fits what I see.  McDonald's is hiring for the early shift and the grave yard.

Who could want more than this Soviet Socialist Paradise?

Fri, 03/07/2014 - 10:09 | 4520881 jeff montanye
jeff montanye's picture

for a vision of what the elite wants for the developed world read "the orphan master's son".  it is a great companion to orwell.



Fri, 03/07/2014 - 09:39 | 4520711 IridiumRebel
IridiumRebel's picture

6.7% LOL

Fri, 03/07/2014 - 09:42 | 4520737 GetZeeGold
GetZeeGold's picture



Plenty of 29.5 hr/week jobs out there.

Fri, 03/07/2014 - 10:22 | 4520939 Chupacabra-322
Chupacabra-322's picture

Coincidentally, that's my Slave wage weekend rate at the hospital. Weekdays it's $27.50.

Fri, 03/07/2014 - 09:57 | 4520825 oak
Fri, 03/07/2014 - 10:26 | 4520959 Raging Debate
Raging Debate's picture

IridiumRebel - The UI rate is 6.7 percent. One person each working two part-time jobs for $10 an hour.

Fri, 03/07/2014 - 10:26 | 4520960 Raging Debate
Raging Debate's picture

IridiumRebel - The UI rate is 6.7 percent. One person each working two part-time jobs for $10 an hour.

Fri, 03/07/2014 - 09:42 | 4520714 Dr. Engali
Dr. Engali's picture

 175 k beats lowered expectation, but unemployment rate rises. To taper or not to taper that is the question. Poor confused robots.... don't burn out a circuit.

Fri, 03/07/2014 - 09:44 | 4520747 thismarketisrigged
thismarketisrigged's picture

i dont think the robots are confused doc, i think they know to go up regardless of what the numbers r,  its one big fucking joke by now, just sit back and laugh at this shit.

Fri, 03/07/2014 - 09:46 | 4520761 Wait What
Wait What's picture

to be a fly on the wall at the next Fed meeting...

Kocherlatoka/Rosengren/Dudley: we need more liquidity! look at the collapse in factory orders!

Plosser/Fisher/Stein: it's time to start throwing 'financial stability concerns' into the monthly statement.

K/R/D: but stocks are cheap!! you're crazy! BTFD!!

Fri, 03/07/2014 - 09:39 | 4520716 Global Hunter
Global Hunter's picture

Payrolls beats?  Quick sell sell sell go short this obvious bad news for the American stock markets!

Fri, 03/07/2014 - 09:39 | 4520717 thismarketisrigged
thismarketisrigged's picture

i want to fucking kill jarred bernstein on cnbc, the guy is such a fucking douchbag, he keeps talking about how good this number is.


what a fuck

Fri, 03/07/2014 - 09:43 | 4520743 GetZeeGold
GetZeeGold's picture



Well.....someone had to be....just sayin.

Fri, 03/07/2014 - 09:50 | 4520783 Divided States ...
Divided States of America's picture

BernSTEIN??? Nuff said

Fri, 03/07/2014 - 09:52 | 4520795 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

Divided: No, that guy was Mitch Cumstein, my roommate. He's a good guy. Don't be obsessed with your desires, Danny. The Zen philosopher Basho once wrote: 'A flute with no holes, is not a flute. And a donut with no hole, is a danish'. Funny guy.




Fri, 03/07/2014 - 09:54 | 4520805 Wait What
Wait What's picture

turn off and tune out, bro. i wouldn't wish my worst enemy the torture of watching American 'news' media. it's all infotainment on par with snuff porn.

Fri, 03/07/2014 - 11:05 | 4521103 BeerMe
BeerMe's picture

Have noticed the same thing.  They seem to get dumber by the day.  So that probably means Americans as a whole are getting dumber by the day.

Fri, 03/07/2014 - 09:39 | 4520718 Sufiy
Sufiy's picture

It was the easiest number to massage to save USD from the waterfall today:


US Dollar Slides To The New Low 79.51 As Ukraine Situation Moves To Economic Warfare

  US Military Complex can not be challenged by anyone in the open conflict, but once things are moving into the field of asymmetric economic warfare tactics of Financial Wars U.S. has a problem. Economy can not really handle any external shocks now, Bubble in the equity markets is not translating into the healthy growth so far. Any serious correction in the market can bring very weak economic data further in the proximity of potential recession. And this is where Ukraine situation is coming so handily to the FED's rescue out of Taper. Do you really think that the banks want the tigthening of the money supply now? FED wants Weak US Dollar, FED wants Inflation and FED is ready to pause Taper at any excuse now. Further escalation around Ukraine situation will provide this excuse right in time when the economic data will be turning even weaker than now. http://sufiy.blogspot.co.uk/2014/03/us-dollar-slides-to-new-low-7951-as....

Fri, 03/07/2014 - 09:57 | 4520721 Incubus
Incubus's picture



want your great depression supersized?


oye... it's got plenty of  "special sauce."

Fri, 03/07/2014 - 09:41 | 4520728 badger10
badger10's picture

We need 300,000 jobs a month! Weather is not the problem, the economy is the problem!

Fri, 03/07/2014 - 09:41 | 4520731 thismarketisrigged
thismarketisrigged's picture

1900 today easily on s&p, everyone knew it was coming.


i want to here the excuses from the fucks on cnbc and all other outlets, as to why we get terrible numbers and markets go up and a number that still fucking sucks but beats the shitty expectations and markets rally.


sure enough, the yen is heading towards 104 again.


what a joke

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