NFP Prints At 227K On Expectations Of 210,000, Unemployment Rate At 8.3% Boosted By Temp Jobs
NFP 227,000 on expectations of 210,000; Previous revised from 243K to 284K; Unemployment Rate (U-3%) at 8.3%, U-6 at 14.9%. While for the first time in a long time those not in the labor force declined (from 87,874 to 87,564) and the participation rate rose as a result from 63.7% to 63.9%, here is what the market is focusing on currently: "Professional and business services added 82,000 jobs in February. Just over half of the increase occurred in temporary help services (+45,000)." Also, that Birth Death added 91K is also taking away from the lustre of the headline which is diamtetrically opposite of what Gallup found yesterday. The market reaction is one indicative of the realization that QE3 may have been delayed once again, and this time substantially.
Average duration of unemployment steady at 40.0 weeks, via John Lohman:
But temporary workers rose the most in over 2 years and near the highest rise on record...