Analysts had been looking for a loss of 610,000, so this a decent (although kind of expected) upside surprise. The unemployment rate is now 8.9%.
But it’s still 539,000 jobs lost. And much of the improvement was due to government jobs. 60,000 positions were added for Census related jobs, for example.
As for private industry, things are still looking ugly.
Manufacturing shed another 149,000 jobs, construction was down 110,000, and services lost 122,000.
If you’re looking for a job, try the least two efficient sectors of the economy. Government and healthcare, which added 17,000 positions. That tells you something right there.
Here’s the release.