If the government can keep its counting at the same metrics, unemployment may get down under 8% again by year-end. The Labor Department reported this morning that the ‘official’ unemployment rate hit 8.9% for the month of February. This is the lowest level in nearly two years.
The change in non-Farm Payrolls also rose by 192,000 jobs. We had estimates varying from 185,000 to almost 200,000. The private sector actually accounted for some 222,0000 jobs in February vesus about 68,000 in January.
December and January revisions came to 58,000 more jobs than previously reported. Wages rose only by a penny and the average work week came in flat at 34.2 hours.
The sad part of the jobs data and unemployment data is that the workforce data keeps indicating a larger number of drop-offs from the workforce. The reality is that these still count “for the rest of us” and the employment situation is still quite far from robust.
JON C. OGG
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