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Jobs report crushes expectations
(FRED) 12 straight months of job gains over 200,000. In February, the economy added 295,000 jobs and the unemployment rate fell to 5.5% from 5.7%, according to the Bureau of Labor Statistics.
Wage growth, however, disappointed, as average hourly earnings rose 0.1% month-on-month in February and rose 2% over the prior year.
February marks the 12th straight month of jobs gains over 200,000.
Over the past three months, job gains have averaged 288,000.
The unemployment rate, at 5.5%, is at its lowest level since May 2008.
The labor-force participation rate was at 62.8% in February.
According to the BLS, j ob gains occurred in food services and drinking places, professional and business services, construction, healthcare, and transportation and warehousing. Employment in mining was down over the month, with jobs in mining declining by 9,000 in February.
In February, food services and drinking places added 59,000 jobs. The industry had added an average of 35,000 jobs per month over the prior 12 months, according to the BLS.
Via Bloomberg, here's a quick overview of what Wall Street was looking for:
Nonfarm payrolls: +235,000
Unemployment rate: 5.6%
Average hourly earnings, month-on-month: +0.2%
Average hourly earnings, year-on-year: +2.1%
Average weekly hours worked: 34.6
January's report was also revised slightly lower, to show payrolls grew by 239,000, lower than the 257,000 that was initially reported.
(FRED) The unemployment rate is at its lowest level since May 2008.
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