February gloom

5 March 2010 By Martin Hutchinson

Employment declined by 36,000 in February, probably mostly related to weather. However temporary employment rose by 48,000, usually a good sign of new hiring. But with worker discouragement at record levels and wages stagnant, it s still grim out there.

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U.S. nonfarm payroll employment declined 36,000 in February. December's decline was revised down from 150,000 jobs lost to 109,000, while January's decline was increased from 20,000 jobs lost to 26,000. The unemployment rate was flat at 9.7 percent.

Longterm unemployment (more than 26 weeks) declined by 180,000 to 6.13 million compared to 2.69 million in January 2009. The number of discouraged workers was 1.204 million, up 139,000 from January, compared to 731,000 in February 2009 and 534,000 at the previouscycle peak in August 2004.

On a seasonally adjusted basis construction employment declined by 64,000, temporary employment increased by 48,000, healthcare employment increased by 20,000 and local government employment declined by 31,000.

Average weekly earnings declined by $1.23 from $760.38 to $759.15, up 1.0 percent from February 2009.

On revised data, 8.4 million jobs have been lost since November 2007 compared with 2.1 million in 200102, 1.7 million in 199091, 2 million in 198182 and 2 million in 197475.

Nonfarm labor productivity growth was revised up to an annual rate of 6.9 percent in the fourth quarter of 2009, while hourly compensation rose at 0.6 percent and unit labor costs declined at 5.9 percent per annum.

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Average weekly earnings declined by $1.23 from $760.38 to $759.15, up 1.0 percent from February 2009.

On revised data, 8.4 million jobs have been lost since November 2007 compared with 2.1 million in 200102, 1.7 million in 199091, 2 million in 198182 and 2 million in 197475.

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