Today the BLS reported its monthly jobs data. Payroll employment beat expectations, coming in at 235,000.
“Total nonfarm payroll employment increased by 235,000 in February. Job gains occurred in construction, private educational services, manufacturing, health care, and mining. ”
Here is a breakdown of the jobs in the report. Construction jobs came in huge, which is always a bullish sign. Manufacturing which had been a recession is finally showing some life as the world reflation trade continues.
As always, stay in school kids. We still have a relatively high unemployment rate for high school drops but college educated Americans have been below 3% for some time now.
The chart below shows how the stock market and the unemployment rate move together.
We are still continuing the longest job expansion in U.S. history.
From Calculated Risk
77… As in 77 consecutive months of jobs growth, by far the longest streak in history.
Wages grew month to month and year over year growth is at 2.8% .
This was a good report and we are on pace still to have another 2 million job created for 2017. I expect the Fed to raise interest rates by a 0.25% at the next meeting. However, note that the 10 year yield didn’t go above that key 2.62% level this morning. That channel of 2.27% – 2.62% that I have been talking about all year is still intact, for now.
Logan Mohtashami is a financial writer and blogger covering the U.S. economy with a specialization in the housing market. Logan Mohtashami is a senior loan officer at AMC Lending Group, which has been providing mortgage services for California residents since 1987. Logan also tracks all economic data daily on his own facebook page https://www.facebook.com/Logan.Mohtashami