For the second month in a row the actual jobs numbers significantly beat what economists where expecting, according to the latest data rom the Bureau of Labor Statistics.
- Total nonfarm payroll employment rose by 311,000 in February, down from last months revised 504,000 but well above economist expectations of 205k.
- Despite the jump in jobs, the he unemployment rate edged up to 3.6%.
Leisure Leads The Way. Leisure and hospitality continues to lead the way with 105,000 new jobs created in February followed by retail (+50k), government (+46k), government (+46k), professional & business services (+45k), and healthcare (+44k).
- Good news for housing is that construction sector added 24,000 new jobs in February.
Information Down. Only three industries saw net job losses in February. Information industry lost 25,000 jobs followed by motion picture & sound recording industries (-9,000) and telecommunications (-3,000).
Wage Growth. In February, average hourly earnings rose by 8 cents to $33.09, this up 0.2% from last month and is now up 4.6% year-over-year.
Small Revisions. Total nonfarm payroll employment for December was revised down by 21,000 to 239,000, and the change for January was revised down by 13,000 to 504,000.
BOTTOM LINE: Normally this report would be all the talk on Wall Street and rates would be looking to jump because of it. However, the collapse of Silicon Valley Bank and what it could mean for markets is getting all the attention right now and will is likely to have a bigger impact on rates.