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Weather Helps Certain Sectors Whilst Information Sees Third Monthly Decline

US DATA
  • The private sector breakdown showed February payrolls strength was based in similar industries to Jan: food & drinking places, health & social assistance and professional & business, plus a step up in retail trades. Some of those could be evidence for a favourable impact from mild weather.
  • Information services saw the largest decline with -25k, their third monthly decline and the largest outside of Apr/May’20 since mid-2016 (although only a small portion of it is linked to tech-related aspects).
  • Transportation & warehousing, a sector that has seen the second largest gains since the pandemic, is the other decline of note with -22k. It’s off the -37k from Nov but otherwise again the largest decline outside of the pandemic since 2016.

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