PiCK

US February nonfarm payrolls fall by 92,000, far below expectations

Uk Jin

Summary

The US Department of Labor said nonfarm payrolls fell by 92,000 in February from the previous month, well below the market forecast.
The February unemployment rate was 4.4%, exceeding both analysts’ estimate and the prior month’s reading (4.3%) by 0.1 percentage point.
February average hourly earnings rose 3.8% from a year earlier, 0.1 percentage point above the forecast (3.7%).

Forecast Trend Report by Period

Last month’s US employment data came in well below market expectations.

The US Department of Labor said on Feb. 6 (local time) that nonfarm payrolls fell by 92,000 in February from the previous month. That was far weaker than the market forecast of 58,000. Compared with the revised January figure of 126,000, it was 218,000 fewer.

The February unemployment rate came in at 4.4%, 0.1% point above analysts’ estimate of 4.3%. It was also up 0.1% point from the previous month’s 4.3%.

Average hourly earnings in February rose 3.8% year on year, 0.1% point above the forecast of 3.7%.