MNI BRIEF: US Feb Jobs Just Shy of Estimates; U-Rate 4.1%
MNI (WASHINGTON) - U.S. employers added 151,000 jobs in February, slightly less than analysts expected, as the unemployment rate edged up a tenth to 4.1% and wage growth moderated. Wall Street had forecast payrolls growth of 155,000 and a jobless rate of 4.0%.
February payrolls growth slowed from the average monthly gain of 168,000 over the prior 12 months. In February, employment trended up in health care (+52k), financial activities (+21k), transportation and warehousing (+18), and social assistance (+11k). Federal government employment declined (-10k). Employment in December and January combined were revised 2k lower than previously reported. The employment situation report is unlikely to move the Federal Reserve from its current pause.
Average hourly earnings for all employees on private nonfarm payrolls grew 0.3% over the month and 4.0% over the past 12 months. The average workweek for all employees on private nonfarm payrolls was unchanged at 34.1 hours.
As measured by the household survey, employment declined 588 thousand last month. The labor force participation rate (62.4%) and the employment-population ratio (59.9%) both declined two tenths. The civilian labor force declined by 385k.
