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Feb payrolls extremely weak +20k, well the..>

US DATA
US DATA: Feb payrolls extremely weak +20k, well below the +180k BBG 
consensus and +183k expected by an MNI survey. This followed upward 
rev to Jan (+311k vs +304k prev) and Dec (+227k vs +222k prev) for net 
rev +12k.
- Hourly earnings brisk +0.4% vs +0.3% BBG and MNI expected after unrev 
+0.1% in Jan, pushing Y/Y to +3.4% Feb vs +3.1% y/y in Jan.
- The unemp rate fell to 3.8% (3.821%) vs 3.9% expected by both BBG 
and the MNI survey after rising to 4.0% in Jan. Hourly earnings +0.4% vs 
+0.3%, also by both BBG and MNI, lifting Y/Y earnings to +3.4% vs +3.1% 
in Jan.
- Private payrolls +25k, with weakness in construction (-31k), retail 
(-6k), and manufacturing (+4k). The only strength was health care (+23k)
- Labor force participation rate unch at 63.2% in Feb. The labor force 
-45k, with household employed +255k and unemployed -300k. The U-6 unemp 
rate -0.8 to 7.3% after a shutdown related jump in the previous month. 
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