The February jobs report for the US is out.
The Bureau of Labor Statistics says 175,000 workers were added to nonfarm payrolls in December, well above Wall Street’s consensus estimate of 149,000.
162,000 of those hires were to private payrolls, above expectations for a 145,000 rise in the ranks of private-sector workers.
The unemployment rate unexpectedly rose to 6.7% from 6.6%. Labor force participation was unchanged at 63.0%.
610,000 were unable to work due to inclement weather in February, above the historical February average of 317,000.
Average hourly earnings rose 0.4% from the previous month in February, bringing year-over-year hourly earnings growth to 2.2% from 1.9% in January. Economists were predicting a smaller acceleration.
Below is a summary of job gains by industry from the BLS release:
Employment in professional and business services increased by 79,000 in February. Accounting and bookkeeping services added 16,000 jobs. Employment continued to trend up in temporary help services (+24,000) and in services to buildings and dwellings (+11,000). Over the prior 12 months, professional and business services added an average of 56,000 jobs per month.
In February, wholesale trade added 15,000 jobs, with nearly all of the increase occurring in durable goods (+12,000). Over the prior 12 months, the employment gain in wholesale trade averaged 9,000 per month.
Employment in food services and drinking places continued to trend up in February (+21,000). Over the prior 12 months, this industry added an average of 27,000 jobs per month.
In February, employment in construction changed little (+15,000). Over the past year, construction has added 152,000 jobs. Within the industry, employment in heavy and civil engineering construction rose by 12,000 in February.
Employment in health care changed little in February (+10,000). This marks the third consecutive month of little employment change in this industry. Offices of physicians added 8,000 jobs in February. Employment in hospitals changed little over the month but is down by 10,000 over the past 3 months.
Retail trade employment changed little in February (-4,000). Among the component industries, a job gain in food and beverage stores (+12,000) was more than offset by declines in electronics and appliance stores (-12,000); sporting goods, hobby, book, and music stores (-9,000); and department stores (-7,000). Over the year, retail trade has added 282,000 jobs.
Information lost 16,000 jobs in February. Most of the decline occurred in motion picture and sound recording (-14,000); employment in this industry can be volatile from month to month.
Employment in other major industries, including mining and logging, manufacturing, transportation and warehousing, financial activities, and government, changed little over the month.