by Meteor Blades
Fri Mar 05, 2010 at 06:03:31 AM PST
It was the same story as last month in the lead up to today's release of the Bureau of Labor Statisticsjobs report: A couple of weeks of mixed economic news. The report clocked in this morning with the jobless numbers well below the consensus predicted by experts surveyed by Bloomberg and The Wall Street Journal: a seasonally adjusted loss of 36,000 nonfarm jobs for February. The headline unemployment rate held steady at 9.7%. U6, the alternative measure that counts underemployed workers and a portion of those out of work Americans too discouraged to look for a job, rose to 16.8%.
Click for larger version of this now iconic Calculated Risk graphic
Employment fell in construction, the information industry, transportation and warehousing. Temporary help services, health care and the retail trade added jobs. Severe winter weather may have affected the job statistics, leaving some workers uncounted, but quantifying exactly how many was not possible, the BLS stated. Economists at Macroeconomic Advisers LLC in St. Louis said the bad weather might reduce the payroll count by anywhere from 150,000 to 220,000 workers, according to Bloomberg. That undercount will probably be reversed this month, they said.
Revisions raised lowered the job losses in December from the 150,000 reported last month to 109,000 and boosted the job losses for January from 20,000 to 26,000.
The tally of officially unemployed rose slightly to nearly 14.9 million, with the U6 population of unemployed and underemployed still clocking in at nearly 26 million. The civilian labor force participation rate rose slightly to 64.8 percent in February. The employment-population ratio went from to 58.4 percent in January to 58.5% in February. ...
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