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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, Sept 11
MNI: Most EU States To Miss Debt Plan Deadline - Sources
**MNI DATA ANALYSIS: US February Payrolls +20k; Rate 3.8%>
--January Payrolls Rev Up To 311k, December Jobs Rev Up to 227k
--Housing Starts Pace 1.230m In January
By Kevin Kastner, Shikha Dave and Harrison Clarke
WASHINGTON (MNI) - Payrolls growth was much weaker than expected in
February, following slight upward revisions to the very strong
December and January gains. However, the unemployment rate fell to 3.8%
and hourly earnings were stronger than expected, raising the year/year
rate to 3.4%.
Here are some of the key takeaways from the data released Friday:
- The February employment data were much weaker than expected, but
followed upward revisions to January and December. Payrolls growth
posted a 20,000 gain compared with the 180,000 Bloomberg consensus and
the 183,000 gain expected by an MNI survey. This followed upward
revisions to January (+311k vs +304k prev) and December (+227k vs +222k
prev) for a net upward revision of 12,000.
- The unemployment rate fell to 3.8% after an increase to 4.0% in
January, while the labor force participation rate remained at 63.2%. The
size of the labor force fell by 45,000, with the number of employed
rising and the number of unemployed falling sharply. Analysts expected a
3.9% rate.
- Hourly earnings rose 0.4% after a 0.1% January gain. The
Bloomberg consensus and MNI surveys both looked for 0.3% gain. As a
result, the year/year rate for earnings rose to 3.4% from 3.1% in the
previous month. Average hours worked fell to 34.4 in February from 34.5
in January.
- Private payrolls rose 25,000, compared with a 175,000 increase
expected by Bloomberg and a 170,000 gain expected in an MNI survey, with
construction and retail trade down, and other categories up only
modestly. The key exceptions were professional and business services and
health care.
- In other data released, the delayed January data showed that the
pace of housing starts rebounded to 1.230 million, above the 1.190
million rate expected by Bloomberg and the 1.178 million rate expected
by MNI, but are still down 7.8% from a year ago. The pace of building
permits rose slightly in the month but were also down 1.5% from a year
ago.
Additionally, homes permitted but not started posted an increase,
suggesting housing starts could rise in the near future.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.