US DATA: Feb employ rept shows weather-related weakness (BLS says “too
many unknowns” to quantify) & Mar data will prob rebound. Feb payrolls
-36k and Jan-Dec revs total +35k, so on net this was far better than
feared and bottom line is the labor mkt is turning up. Pvt payrolls -18k
as local govt education -24.1k (prob a weather effect) and Fed ex Postal
a mere +16.1k (suggests larger Census effect lies ahead). AHE (all
workers) +0.1% for +1.9% YOY. Feb payrolls incl: construction -64k, mfg
+1k, retail -0.4k, info -18k, finance -10k, temp +47.5k. Hours and
earnings were prob hurt by storms and suggest slower IP and incomes.
Details: Payrolls/Prior AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Feb -36k —- +1.9% 97.6 9.7% (9.6872%)
Jan -26k -20k —– 98.2 9.7% (9.6866%)
Dec -109k -150k —– 97.9 10.0%