- Prior 130K revise to 126K
- nonfarm payroll -92K vs +50 9K estimate
- December was 48K. November was 41K
- Two month that revision:
- Unemployment rate 4.4% vs 4.3% expected. Prior month 4.3%.
- Average hourly earnings 0.4% versus 0.3% expected. Prior month 0.4%
- average hourly earnings YoY 3.8% versus 3.7% expected. Prior month 3.7%.
- Participation rate 62.0% versus 62.1% (revise from 62.5%)
- U6 unemployment rate 7.9% versus 8.1% (revised from 8.0%)
Looking at the details by different sector:
Goods-producing sectors
(Change in employment, thousands)
-
Mining & logging: Feb -2K vs Jan -2K
-
Construction: Feb -11K vs Jan +48K
-
Manufacturing: Feb -12K vsJan +5K
Goods-producing total:
Service-providing sectors
-
Wholesale trade: Feb +6K vs Jan +3K
-
Retail trade: Feb +2K vs Jan +11K
-
Transportation & warehousing: Feb -11K vs Jan -12K
-
Utilities: Feb +1K vs Jan +0K
-
Information: Feb -11K vsJan -19K
-
Financial activities: Feb +10Kvs Jan -30K
-
Professional & business services: Feb -5Kvs Jan +18K
-
Private education & health services: Feb -34K vs Jan +129K
-
Leisure & hospitality: Feb -27Kvs Jan -12K
-
Other services: Feb +8K vs Jan +8K
Private service-providing total:
There was some weather. There was some strike effects of around -30K (which will come back). Perhaps seasonals but overall the number is much weaker than expectations.
The market has sent the yields lower with the 10 year down -2.0 basis points to 4.125%. The yield was up about 2.5% in premarket trading.
US stocks have moved to the downside with the S&P down -74 points the Dow Industrial Average is down -525 points in the NASDAQ index is down -334 points.
The USD has moved lower but is rebounding.
