REPEAT: MNI DATA ANALYSIS: US February Payrolls Jump 313k>

Repeats Story Initially Transmitted at 13:30 GMT Mar 9

--Hourly Earnings +0.1% After +0.3% in January, Y/Y Rate Now +2.6%

--Stronger Than Expected Payrolls Follow +54k Revision To Dec-Jan Jobs 

--Participation Rate Rises To 63.0% From 62.7% In January

By Kevin Kastner, Sara Haire, and Holly Stokes

     WASHINGTON (MNI) - The February employment report released Friday 

showed nonfarm payrolls were very brisk, rising 313,000 following a net 

upward revision to 54,000 in the previous two months, based on data from 

the Bureau of Labor Statistics. 

     An MNI analysis had shown a tendency of analysts to underestimate 

payrolls in recent February reports, so the much stronger-than-expected 

reading maintains this trend. 

--HOURLY EARNINGS GROWTH SLOWS

     Average hourly earnings were up 0.1% in February, compared with a 

0.2% gain expected by analysts and a 0.3% gain expected by the whisper 

number. Before rounding, the February pace was very close to being 

rounded up to 0.2%, leaving it in line with analysts, but still below 

the markets' fear of another 0.3% gain. 

     The 0.3% rise in January was unrevised. The year/year rate fell to 

2.6% in February from 2.8% in January (revised down from 2.9%). 

     The overall average workweek rebounded to 34.5 hours in February 

from upward revised 34.4 hours in January . The combination of earnings 

and hours worked should be a positive for personal income growth in 

February. 

--PAYROLLS GAINS WIDESPREAD

     There were large payrolls gains for construction, retail, 

government, and temporary help services, but the gains were fairly well 

distributed. Most of the 26,000 increase in government jobs can be seen 

at the local level, particularly education. 

--UNEMPLOYMENT RATE STILL 4.1%

     The unemployment rate held at 4.1% for the fifth straight month. 

When seen unrounded, the rate fell very modestly in February to 4.142% 

from 4.149% in January with a large jump in the labor force reflecting 

gains in both employment and unemployment. 

     The labor force rose by 806,000 after increasing by 518,000 last 

month. Household employment rose by 785,000 in February, while the 

number of unemployed increased by 22,000. As a result, the labor 

participation rate rose to 63.0% from 62.7% in January. 

     ** MNI Washington Bureau: 202-371-2121 **