The US economy has been performing quite well and the pace has improved in recent months. Manufacturing is surging, while services are also expanding at a good pace. Employment has been lagging somewhat, but it is improving as well, showing another decline in the unemployment rate for February, with the number of new jobs jumping higher.

US Employment Report

• Prior was +49K (revised to +166K)
• Unemployment rate 6.2% vs 6.3%  expected
• Prior unemployment rate 6.3%
• Participation rate 61.4% vs 61.4% expected (was 62.8% pre-pandemic)
• Prior participation rate 61.4%
• Underemployment rate 11.1% vs 11.1% prior
• Average hourly earnings +0.2% m/m vs +0.2% expected
• Average hourly earnings +5.3% y/y vs +5.3% expected
• Average weekly hours 34.6 vs 34.9 expected
• Two month net revision -159K
• Change in private payrolls +465K vs +200K expected
• Change in manufacturing payrolls +21K vs +15K expected
• Long-term unemployed at 4.1m vs 4.0m prior
• The employment-population ratio, at 57.6% vs 57.5% prior
• Full report