Latest Employment Update: Not So Good

The employment report signals that hiring won't pick up as rapidly as hoped -- and allows the Fed to bide its time on hiking rates. The current economic recovery is looking increasingly "jobless," if judged by the February employment report released on Mar. 5. The data for February were terrible, with nonfarm payrolls inching up just 21,000, vs. economists' forecasts for gains of 110,000 to 130,000. The jobless rate came in at 5.6%, near expectations. January job growth was revised downward to 97,000, from 112,000.

The good news from the report is that factories lost only 3,000 jobs. Other than that, there were few redeeming details. The average workweek was 33.8, unchanged from January. Retail employment was up 13,000, while average hourly earnings grew 0.2%. Service jobs (excluding retail) gained just 33,000, with 32,000 of those temporary positions. Construction shed 24,000 jobs.

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