WASHINGTON — The U.S. February employment report showed better strength than expected, as payrolls surged 175,000 and net revisions to January-December were up 25,000.
The Bureau of Labor Statistics noted severe weather in the reference period for the employment surveys but did not note any specific effect on the data. Tables released at the same time showed surges in unadjusted persons not at work due to the weather and persons having hours cut due to weather — to new highs since the January 2011 snow storm.
The unemployment rate rose 0.1 point to 6.7% due to workers returning to the labor force. The participation rate was unchanged at 63.0% after seasonal adjustment, though unadjusted data showed a jump. No explanation was given but the ending of extended unemployment benefits might have driven some back to the labor force.
Hours fell (probably a snow effect) and wages jumped. This suggests weak production but better incomes (perhaps in a start of year effect from raises).
Job categories showed: manufacturing grew 6,000, construction rose 15,000, retail slid 4,100 (off 213,000 unadjusted), temporary help climbed 24,400, healthcare increased 9,500 in a stall since November, motion pictures fell 14,100, and Federal government decreased 6,800.
Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See
