Unemployment Rate Climbs in February “Unexpectedly” to 6.7%
The jobs numbers for February are out and the unemployment rate rose “unexpectedly” to 6.7%.
Business Insider reported:
The February jobs report for the US is out.
The Bureau of Labor Statistics says 175,000 workers were added to nonfarm payrolls in December, well above Wall Street’s consensus estimate of 149,000.
162,000 of those hires were to private payrolls, above expectations for a 145,000 rise in the ranks of private-sector workers.
The unemployment rate unexpectedly rose to 6.7% from 6.6%. Labor force participation was unchanged at 63.0%.
610,000 were unable to work due to inclement weather in February, above the historical February average of 317,000.
Well over half the total job gains in February were in industries that pay the least.
And more bad news…
Five years into the “recovery”, weekly earnings growth is the lowest it has been in five years! (Zero Hedge)