Jobs Report: Work 1 hour a month and be counted!

LINK
Nonfarm Payrolls - M/M change -36,000
Unemployment Rate - Level 9.7%
Average Hourly Earnings - M/M change 0.1 %
Average Workweek - Level 33.1 hrs

"On the issue of snow storms potentially lowering payroll jobs, the Labor Department made a point to include a special memo that stated that workers are counted as employed for the month if they receive pay for any portion of the pay period-for example, even just one hour. So, even if workers had fewer hours, they were still counted as employed.
Hence, the impact of the snow storms likely was exaggerated headed into the report. ( )

Nonfarm payroll employment in February declined 36,000, following a revised 26,000 decrease in January and revised fall of 109,000 for December. The February payroll decline was less negative than the market forecast for a 50,000 fall in employment. The January and December revisions were up a net 35,000.

Weakness in February was led by a 64,000 drop in construction jobs. Rounding out the goods-producing sector, manufacturing actually edged up 1,000 and mining rose 4,000. Service-providing jobs were up 42,000 in February, following a 20,000 increase the month before. The highlight was temp help being up 48,000 in the latest month. Government jobs fell 18,000 despite the hiring of 15,000 temporary Census workers. At the federal level, the U.S. Postal Service cut 9,000 jobs. Local governments shrank their work forces by 31,000 in the latest month.
On a year-ago basis, payroll jobs improved to minus 2.5 percent in February from minus 3.0 percent in January.

From the household survey, the unemployment rate held steady at 9.7 percent in February.

Wage inflation in February eased to an anemic 0.1 percent rise from 0.2 percent the month before. The consensus had expected a 0.2 percent gain. The average workweek (traditional series for production & nonsupervisory workers) slipped to 33.1 hours in February from 33.3 the month before. One of the biggest negatives in the report is a drop in the manufacturing workweek to 39.5 hours from 39.9 in January (traditional series).

It's hard to really determine the direction of momentum this month given the heavy snow storms. However, two divergent movements stand out. The rise in temp help is good news but the drop in local government and USPS employees may portend more job cuts within government. Equities traders, however, see the report as positive and futures are up. Rates firmed on the news."

Edited by Rogerdodger, 05 March 2010 - 10:56 AM.

comparative jobs growth by decade


Decades of comparison show that jobs growth in the US is declining. Formation of new business is slowing. Wonder why?

comparative jobs growth by decade


Decades of comparison show that jobs growth in the US is declining. Formation of new business is slowing. Wonder why?

Because our economy is a gigantic bubble built on Ponzi finance and credit?

It seems to me that we should manufacture something besides government jobs.

I think the real reason is the very competitive cheap labor outside of US, this is where the companies are going. I know several firms still completely closing down their IT operations and shipping the work to India, the manufacturing is very much dominated by China anyway. US is really on a self-destructive path and the govt thinks that they can just print away more and more. The real reason of declining jobs is actually printing which pushes the prices higher and higher to unsustainable levels since this makes the businesses unfeasible to run in US. Why would you employ anyone in US and pay for some obscene taxes and health insurance costs while you can get tax breaks and pay no benefits overseas? The problem is also in Congress, they think outsourcing is a good thing... The people in Washington are just as stupid as the people in Fed, they are worse than the Italian mafia because you cannot define your biggest enemy...

The problem is also in Congress, they think outsourcing is a good thing... The people in Washington are just as stupid as the people in Fed,

While their intellect is suspect, that isn't the reason they are for outsourcing. They are for outsourcing because "them that brought them to the dance," i.e., their Benefactors who pay for their campaign to keep their own job from being "outsourced" to the next guy running against them, tell them that outsourcing is a good thing.

No one mentioned the birth/death model adjustment for February.

Trivial and immaterial I guess.

+473K Jobs.

http://www.bls.gov/web/cesbd.htm

The people in Washington are just as stupid as the people in Fed,

I hope you are correct. But I'm afraid you're wrong.
Because when they say: "Never let a good crisis go to waste," it looks more like the good old George Soros's Cloward-Piven strategy is the current plan of action:

"By the early 1970s, one person was on the welfare rolls in New York City for every two working in the city's private economy."As a direct result of its massive welfare spending, New York City was forced to declare bankruptcy in 1975. The entire state of New York nearly went down with it. The Cloward-Piven strategy had proved its effectiveness."

That's all I'm going to say on that.
Do your own research on Cloward-Piven.

I like your new avatar their Rog. Both literally and figuratively, I've never seen Ayn look so attractive.

I think this is the picture they used...