Chillin' out till it needs to be funded
The Barclays team and some at NPR are the first in many likely to ascribe the new lows in Labor participation rate the status of an urban legend. Irrespective of numbers of Jobs added, Jobs left at a pace of 750 k per month for almost two years and most of the jobsa re frankly not comin gback. so are we a country of old men in more ways than one with these 11 mln out of the 13 mln lost jobs permanently retired in their prime in their 30s and 40s even in their 50s?
However, with this months Jobs report confirming the buoyancy in the Jobs report forever, it is unlikely that we will come back to a higher unemployment report any time or any discrepancy further between the U6 report with 13% unemployment and the Jobs report , and unemployment reported by the BLS.
The New York Jobs report set a record despite the loss in Wall Street Jobs in January in yesterdays report adding 31k jobs in the City while BofA increased the principal cuts on the half its mortgages it still owns to $100k, to make it good enough so the settlement saves it from further action increasing its contribution by another $2bln from the $8.6 bln share it set for itself in the settlement with 49 states.
Non Farm Payrolls and Private Payrolls both beat expectations at 227k and 233k increases in February and no harm done in hourly wages increase of 0.1% and work week at 34.5 hours. The January number was yet closer to the survival line with 150k jobs for added workforce eligible population and 100k adding to real employed people and reducing the unemployment situation.
The Employent Population ratio edged up to 58.9% and the Labor Participation rate 63.9%. The number of Part time employed and the Long time unemployed ( >27 weeks) were unchanged at 8.1 mln and 5.8 mln respectively and another 2.6 mln were marginally attached to the labor force ( 1 mln given up trying, 1.6 mln cited personal reasons like family)
Most of the Professional and Business Services jobs, the highest category with 82k additions were temp (+55k) . These services account for 1.4 mln jobs since September 2009. Healthcare and Hotels/leisure sector come next with 360k and 444k additions over the same period. Most of the
new Jobs in healthcare (+41k) were in ambulatory/mobile services. Food services and drinking places accounted for the additions in the Leisure sector while employment in General merchandise retail corrected over January while adding jobs at Auto and parts dealers .
The January Payrolls increase (NFP) was revised to a good 284000 and another 20,000 added to the numbers for December apparently in the same sectors outlined above. That would mean there were 733,000 jobs added in the Economy in the last three months (incl Temp) and that’s a great start to the weekend