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February Payrolls Surge To 295K, Smash Expectations Of 235K, Unemployment Rate Drops To 5.5%
Well, a June rate hike it is, because despite all the talking down of the February NFP number which was supposed to be whacked due to snow, it just came out and it is a doozy at +295K, smashing expectations of 235K, and above the January 239K (revised lower from 239K). The household survey showed a weaker gain of only 96K, however this follows the whopping 759K addition in January.
The unemployment rate came in lower than expected as well, printing at 5.5%, versus the 5.6% expected and down from 5.7% last month, as a result of the participation rate dropping again from 62.9% to 62.8%.
But the number everyone was looking at this month, the change in average hourly earning, came in at 0.1%, once again missing expectations of 0.2%, and sliding from 0.5%. So much for winter storms boosting wages as Goldman speculated.
As the chart below showing average hourly earnings shows, the January surge in wages was a fluke, and the number rose by a tiny 3 cents in February to $25.78, an increase of just 2.0%, and far below the Fed's target of 4.0%
More from the report:
Total nonfarm payroll employment rose by 295,000 in February, compared with an average monthly gain of 266,000 over the prior 12 months. Job gains occurred in food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing. Employment in mining declined over the month. (See table B-1.)
In February, food services and drinking places added 59,000 jobs. The industry had added an average of 35,000 jobs per month over the prior 12 months.
Employment in professional and business services increased by 51,000 in February and has risen by 660,000 over the year. In February, employment continued to trend up in management and technical consulting services (+7,000), computer systems design and related services (+5,000), and architectural and engineering services (+5,000).
Construction added 29,000 jobs in February. Employment in specialty trade contractors rose by 27,000, mostly in the residential component. Over the past 12 months, construction has added 321,000 jobs.
In February, employment in health care rose by 24,000, with gains in ambulatory care services (+20,000) and hospitals (+9,000). Health care had added an average of 29,000 jobs per month over the prior 12 months.
Transportation and warehousing added 19,000 jobs in February, with most of the gain occurring in couriers and messengers (+12,000). Employment in transportationand warehousing grew by an average of 14,000 per month over the prior 12 months.
Employment in retail trade continued to trend up in February (+32,000) and has grown by 319,000 over the year.
Manufacturing employment continued to trend up in February (+8,000). Within the industry, petroleum and coal products lost 6,000 jobs, largely due to a strike.
Employment in mining decreased by 9,000 in February, with most of the decline in support activities for mining (-7,000).
Employment in other major industries, including wholesale trade, information, financial activities, and government, showed little change over the month.
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We are still in a Recovery....Year 7
Layoff / Closing List: http://www.dailyjobcuts.com
.
I TOLD YOU 300,000!!!
http://www.zerohedge.com/news/2015-03-06/what-wall-street-and-twitter-ex...
Huh.....even with Obamacare and Amnesty?
I knew I shouldn't have used Common Core math!
I always wonder if the the government just decides on a number and publishes it.
Then everyone gets all worked up as if it means anything.
I mean the 'economy' of the worlds most powerful nation is hanging by a thread on the word 'patient' in a 500 word memo.
Insane
Raise rates? Lol
I'd wait for the revisions first.
The US media lied about the job numbers again today - only 96,000 new jobs were created in February not the 295,000 they claim.
This is a total disaster and means that real unemployment went up quite significantly.
A massive 354,000 people left the labor force in February.
Over 200,000 of these are because there are simply no decent jobs available.
Around 120,000 of these people are additional retirees.
Household Employment survey
http://www.bls.gov/news.release/empsit.a.htm
Establishment survey
This includes grossly inflated adjustments for the number of jobs created by new businesses less jobs lost due to closed businesses.
The media always use these false numbers because they are artificially adjusted to make the government look better.
http://www.bls.gov/news.release/empsit.b.htm
From the Establishment survey we can see that only 10% of new jobs created were in well paid "goods producing" sectors.
While around 90% were in poorly paid service sectors.
Which also helps explain why so many people simply gave up looking for work in February.
Why would you want to work as a burger flipper or shop assistant for minimum wage if that meant you had to pay for child care?
The ACTUAL (as opposed to fictitious) job creation number of 96,000 is also reflected in the new jobless claims numbers which have been on the rise recently.
There were 320,000 new claimants for the last week of February (versus expectations of know nothing economists of 295,000).
on cue gold and silver dump. treasury dump as well. think i'll take a dump. stwaks to da moon. lovely day, awesome day...lol'g to da water closet...distant voice-honey get a roll of fiat..ha...
This explains, with crystal clear lightning-rod reason, why PMs dropped 1%.
everything is soooo awesome, happy irrational exuberance personafidededed!
Whew, what a relief. The headline should read BY 295 K. For a second there, I thought that many people were emplyed in February..., because that would be the King's English.
Thank gawd, I don't have an Ivy League education.
"February Payrolls Surge To 295K, Smash Expectations Of 235K, Unemployment Rate Drops To 5.5%"
"Americans Not In The Labor Force Rise To Record 92.9 Million As Participation Rate Declines Again"
Everything is awesome.
The economy is so good they won't raise interest rates.
Must be a boost from all the snow removal companies out there
Bingo. gov't CP has made the market boring.
I used to look forward to ZH but now everything
is so predictable that the real news doesn't matter.
Rev up the algo for an up day.
Tyler, when u reply to a comment, y does
it appear 8 messages down the board hence making
no sense?
B cause U B posting on a cell,
and shit happens;)
The economy is so good that I no longer care about the illegal private email server used by our former Secretary of State. READY FOR HILLARY!
Awesome numbers despite the snow. Without snow the payroll surge would have been mind-blowingly astronomical and unemployment rate would have gone even negative. In this case, the only way to drive the unemployment rate back to zero woukd be via unemployed immigrants. Now I understand why we need them.
bearish (perversly)
Why is the labor force participation still falling along with unemployment nummers?
Affirmative action maff.
'Boston Snow Shovelers' skewed the data..
Can we ammend the constitution and give Obama a third term so he can get this all the way the way down to 0%?
BWHAHAHAHAHAHAHAH!!!!!!...This is totally beyond stupid.
295,000 and 5.5%....when things get serious-er...
http://olduvai.ca
WHEN I GO TO SPAIN AND I SEE THE PEOPLE PARTY.......WHAT THE FUCK?
It's all funded by Germany.......why the hell not?
Plenty of people still have jobs and like to party.
That's known as the "I've got mine, fuck everyone else" attitude.
The dump in gold at exactly 1pm before any numbers were released just confirms the suspicion that it was going down whatever the number was
Whoooohoooooo. Bartending and waitstaff jobs for everyone!
Just keep it under 29.5 hr/wk......it's the law.
More bartenders, waiters, bellhops, and busboys. More young adults with biology or civil engineering degrees working in middle office white-collar desk jobs. The recovery chugs right along.
rejoyce the qe is working...may i have Moar please?
Interesting....more jobs..less pay...the paying down of America...pay deflation...
They have done it! Everyone wanting a job... now has one! thank you president obama!
Wait until Hillary or Jeb becomes President.....we'll get new everything.
You are right everyone WANTING a job..the problem is most of Obamas followers do not want a job...just free shit..
Not yet. I don't want a job and I still have one.
doing what? really want to know wtf everyone is really doing?
loosey sales hit new all time high, street salesmen needed, no benefits but also no taxes, apply at your local bodega, gang membership required
Hahahaha! Let's not forget that these numbers are from surveys collected by Obama appointees - or simply filled out by them
you mean Shitcago's very own Penny Pritzker, Secy. of Commerce and head swami of the number crunchers... ?
And cue the gold and silver smackdown.
Well, at least "they" waited until 8:30:00:01 this time.
Meanwhile, actual aggregate income levels...
And all those suckers that got a sub-prime auto loan......house-O-cards
295,000, how sad that is what is considered a strong number these days.
pre 08-09, we were doing 400,000 consistnetly, but now in obozos shitty economy, 295,000 is considered a golden age.
cant wait to see how many waiters, waitresses, bartenders, etc were created
o ya , and dont worry, the may jobs report will prob be reported as awful just so the fed has another excuse not to raise rates, because u know there is 0 chance they do so ever.
The clowns on the blowhorn are talking about upwards GDP revisions now. You can't make this shit up. I hope they do raise rates in June. Another nice "full retard" revison of the numbers from last week . 237k from 267. Liesman called it slight. lol
It's disgusting - they are leading the lemmings off the cliff for the 3rd time in 15 years with no shame. Headline today on CNBC.com "Greenspan Says Stocks Are NOT Overvalued" - Eh, what?! He said the exact opposite
I watched the Greenspam interview realtime and was supprised how candid he was about over valuations and leverage. He obviously thinks everything is a huge bubble again.
See you in September.....................
Dow 20,000 on communist job creation. Here you dig the hole..and you,.. fill this hole in. Don't forget yo grab your ebt, and keys to Obummercar on the way out
Print MOAR!
Cool......now I'll get my Jack in 10 seconds instead of 30 seconds from the bar guys. Booyahhhh!
stateside
Really? Is there an election next week or something?
Greenspan has come out to try and take some air out of the stock market.
He also knows it's in a bubble.
Screaming Vikings for everyone !!!!!!!!!!!!!!!!!!
You want your cucumber bruised?
The real unemployment rate is ….DRUM ROLL....24.5% Shadow Stats
http://www.shadowstats.com/alternate_data/unemployment-charts
Meanwhile Food Stamp recipients are at 46,029,429. Rock on with the stock market.
Those fuckers have no shame. They were bragging about 3mm jobs being created last year. Yeah 3mm shoeshine boys. Yeah 1mm people each got 3 1/2 jobs so they could pay for their Kibble and asswipes.
All retail jobs, who the da fukk is spending their money when all the jobs pay nothing.
To me it will be interesting on what words the Fed will use now to NOT raise the rates...they need to find something for an excuse....
Snow.
That and the rising dollar, which can't be doing exports any good. They'll think of something.
Shitty low pay service and part time jobs don't matter in the economy.
Setup "totalement!"
This is better than W's economy. Our recovery is the envy of the world.
"They hate us because of our low unemployment and success! That is why they attacked us and destroyed our recovery."
"Some folks were jealous."
Many excuses and reasons, real or imagined, lie on the road to June - to justify being patient (or something) and remain data dependent. Free money for banks is good for ever.
Folks just face it the bigger the shithole becomes the bigger the compensating lies.....did anyone believe that they could get this desperate and that the lies they are spewing could get so much bigger. No metric on the state tax revenues even remotely support this total B.S.!
Desperate? They just added AAPL to the DOW. Now that is what I call desperate! Something wicked this way comes....
All those oil drillers got jobs at McDonalds. winning Must mean the parking lots will be filled with new shiney trucks.
I have three employees on my 1,100 acre farming operation...1 full time and 2 part time Corn and Soybean Prices are 1/2 2010 levels.....losses are mounting - just planting a crop means bleeding red ink.....I pink slipped all three and attempt to do it all myself by changing crop rotations. I'm 59 and my wife is a teacher...retired last year...so she's going in a tractor. Layoffs around here on all fronts in rural America....Small business owners assholes are puckering big time.....Ace Hardware, Local NAPA, several auito repair stores and retailers say they are having the worst year ever...and 2014 sucked ass as well. We're living in fantasyland now....there is no reality.
Who in the fuck is buying all of this high priced new cars and trucks? ....Who can afford it? Finance a vehicle for 84 months, drive it off the lot and lose half your "equity" in 3 miles. We've gone totally fucking insane. Don't believe anything Buffet Fucker says about John Deere stick...That shit is getting ready for a major plunge. Dealers here sitting with lots FuLL of new and used equipment with NO BUYERS! I'd say conservatively that their multi-million dollar floor plans financed through banks and John Deere Credit have lost half of their value.
Shitstorm is coming....make no mistake about it.
This is 'non-farm' payroll. Everything is skittles (from a unicorns ass) and pixie dust in this category. It's all good. -NOT
I know how they make up these numbers. I have an 18 y/o nephew who got a part time job in December. He then got another part time job in February and just last week another part time job. I'm certain the .gov is counting all 3 of these....and if so, the numbers are complete hog-wash. Oh yeah, these were all in the food service/waiter category.
Bloomturd radio keeps bringing on 'analysts' that say the growth is now in domestic small business (due to dollar strength affecting large int'nl corporates) and that is why the RUS is at ATH's and will be going higher. An honest and sane person couldn't make this stuff up! Your anecdotal 'boots on the ground' analysis is surely more in line with reality than what the boot-licking propagandizing MSM peddles. Hope things improve for you...
Everything is superb!.....until I read the workforce participation article at the top of ZH.
295K jobs, Dow down 200.
FUCK YA!!!