Jobs Report Highlights

The Bureau of Labor Statistics just released its February Jobs Report and Non-farm payrolls enjoyed a higher-than-expected gain of 379k. Analysts were only looking for 200k while January’s disappointing gain of 49k was revised to 166k. The Unemployment Rate dipped one-tenth to 6.2% while the Labor Force Participation Rate held steady at 61.4%. the U-6 Underemployment Rate stayed unchanged at 11.1%. Average Hourly Earnings rose by the expected 0.2% for the month resulting in an unchanged year-over-year growth rate of an unchanged 5.3%. The Leisure and Hospitality Sector gained 355k while Temporary Help Services picked up 53k. Manufacturing gained 21k while Government jobs slipped 86k.

The Treasury market has changed little since the release with prices slightly lower. The Ten-Year is yielding around 1.61% with the Long Bond at 2.33%. The Two-Year is steady at around 15 basis points. Crude oil has rallied more than a dollar to $65.14 as gold slips to $1,696. Later today, the Federal Reserve will release its January report for Consumer Credit and a boost of $12B is forecast.