Payroll employment increases in February (+295,000); unemployment rate edges down to 5.5%

[mahatmakanejeeves]

Last edited Fri Mar 20, 2015, 09:09 AM - Edit history (6)

The story is already over in LBN: U.S. Economy Adds 295,000 jobs, Unemployment falls to 5.5 %

Because of delays due to snow and train delays and the decision by building security to screen everyone today, I got to work late, thereby missing the 8:30 a.m. release by the BLS. I'm posting here to keep my own records straight, and especially to link to the WSJ MoneyBeat blog.

Payroll employment increases in February (+295,000); unemployment rate edges down to 5.5%

Economic News Release USDL-15-0325
Employment Situation Summary
Transmission of material in this release is embargoed until 8:30 a.m. (EST) Friday, March 6, 2015

Technical information:
Household data: [phone] * [e-mail] * www.bls.gov/cps
Establishment data: [phone] * [e-mail] * www.bls.gov/ces

Media contact: [phone] * [e-mail]


THE EMPLOYMENT SITUATION -- FEBRUARY 2015


Total nonfarm payroll employment increased by 295,000 in February, and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing. Employment in mining was down over the month.

Household Survey Data

Both the unemployment rate (5.5 percent) and the number of unemployed persons (8.7
million) edged down in February. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percentage points and 1.7 million, respectively. (See table A-1.)
....

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.7 million in February. These individuals accounted for 31.1 percent of the unemployed. Over the past 12 months, the number of long-term unemployed is down by 1.1 million. (See table A-12.)

The civilian labor force participation rate, at 62.8 percent, changed little in February and has remained within a narrow range of 62.7 to 62.9 percent since April 2014. The employment-population ratio was unchanged at 59.3 percent in February but is up by 0.5 percentage point over the year. (See table A-1.)

February Jobs Report: Everything You Need to Know

8:04 am ET
Mar 6, 2015
Markets



—Associated Press

Yes, it was that time again, folks. Jobs Friday, when for one ever-so-brief moment the interests of Wall Street, Washington and Main Street were all aligned on one thing: jobs.

The Bureau of Labor Statistics reported that the economy added 295,000 jobs in February, with the unemployment rate dropping to 5.5%. That compared to January, when the economy added 239,000 jobs (revised down from 257,000), and the unemployment rate was 5.7%.

Here at MoneyBeat HQ, we crunched the numbers, tracked the markets and compiled the commentary before and after the data crossed the wires. Feel free to continue the conversation in the comments section. And while you’re here, why don’t you sign up to follow us on Twitter.

From now on, I'm going to be linking to the "Jobs Report in 10 Charts" article. It's too good to miss:

February’s Jobs Report in 10 Charts

10:12 am ET
Mar 6, 2015
Economy

By Josh Zumbrun and Nick Timiraos

The U.S. economy added 295,000 jobs in February, the 12th straight month where job gains surpassed 200,000. That adds up to 3.3 million net new jobs, the best yearlong period of job gains in nearly 15 years.
....

The Federal Reserve estimated in December that an unemployment rate of 5.2% to 5.5% would be consistent with full employment. That means that today’s report has pushed the unemployment rate squarely within the Fed’s “full employment” range. Officials will update their forecasts later this month, but the unemployment rate falling into their range could be a key factor behind a decision to raise interest rates later this year.

Please take the time to look at progree's thoughtful analysis in his not-to-be-missed thread, revised monthly. Here is the latest update:

Economy facts with links to official sources, rev 3/7/15

ETA, March 20:

Bureau of Labor Statistics, for employment in January 2015:

Payroll employment rises in January (+257,000); unemployment rate changes little (5.7%)

Tomorrow's news before it happens. The schedule for all economic reports:

MarketWatch Economic Calendar

[elleng]

1. and the markets are DOWN. (1:45 pm)

S.&P. 500 2,074.06 –26.98 –1.28%
Dow 17,876.50 –259.22 –1.43%
Nasdaq 4,933.67 –49.14 –0.99%
S.&P. 400 1,486.32 –18.50 –1.23%
S.&P. 600 697.95 –9.29 –1.31%

[mahatmakanejeeves]

2. I got busted on the way into the building.

Last edited Sat Mar 7, 2015, 04:14 PM - Edit history (1)

Today would be the day that security decided to screen everyone. Everybody had on about four layers. We had to take off our coats and run them through the scanner. The eagle-eyed guard saw in my backpack what he claimed was a switchblade. It's more like a pocket knife that I've had for nearly forty years. Another guard looked at it last week and, shrugging, handed it back to me. This morning's guard confiscated it. It had better be there when I leave this afternoon.

I got to my desk a few minutes after the thread in LBN was started. Had I gone in through another door or had there been no delay on the Yellow Line....

[elleng]

3. Hope your transit OUT is easier!

and it WILL be MELTING!!! (tomorrow, that is!)

[mahatmakanejeeves]

4. It was.

I had to wake up the guard, but she eventually overcame her reluctance at returning my own knife to me. I got it and beat it out of there.

I'll have to hide it better on Monday morning.