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Government Jobs Surprisingly Strong Again

US DATA
  • Government job creation surprised for the third month running, adding 47k (cons 10-15k) after an upward revised 60k (46k prior) and following January’s extremely strong 119k.
  • This took some of the shine off the overall jobs figure with the private payrolls at 189k vs cons 218k.
  • The breakdown by private industry was for the most part very similar to Feb. Gains were led by health & social assistance, food & drinking places (one of the few sectors that still hasn’t fully recovered pandemic losses) but also professional & business services (the sector with by far the largest recovery through the pandemic).
  • The main change relative to March were declines in retail trade and construction after gains in Feb, supporting the argument of unusually mild weather in Jan-Feb ending.

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