U.S. Payrolls Rise Above Expectations in February

Total nonfarm payroll employment rose by 175,000 in February. Job growth averaged 189,000 per month over the prior 12 months. In February, job gains occurred in professional and business services and in wholesale trade, while information lost jobs.

Employment in professional and business services increased by 79,000 in February. Accounting and bookkeeping services added 16,000 jobs. Employment continued to trend up in temporary help services (+24,000) and in services to buildings and dwellings (+11,000). 

Wholesale trade added 15,000 jobs, with nearly all of the increase occurring in durable goods (+12,000). Employment in food services and drinking places continued to trend up in February (+21,000). Over the prior 12 months, this industry added an average of 27,000 jobs per month. 

In February, employment in construction changed little (+15,000). Over the past year, construction has added 152,000 jobs. Within the industry, employment in heavy and civil engineering construction rose by 12,000 in February. 

Retail trade employment changed little in February (-4,000). Among the component industries, a job gain in food and beverage stores (+12,000) was more than offset by declines in electronics and appliance stores (-12,000); sporting goods, hobby, book, and music stores (-9,000); and department stores (-7,000). Over the year, retail trade has added 282,000 jobs.

The change in total nonfarm payroll employment for December was revised from +75,000 to +84,000, and the change for January was revised from +113,000 to +129,000. With these revisions, employment gains in December and January were 25,000 higher than previously reported. 

U.S. Payrolls Rise Above Expectations in February

BLS | Nuno Fontes | nuno@tradingeconomics.com
3/7/2014 1:36:13 PM