US non-farm payroll employment rose 678k in February, above expectation of 438k. Employment was still down -2.1m, or -1.4% from its pre-pandemic level in February 2020. Job growth was widespread over the month, led by gains in leisure and hospitality, professional and business services, health care, and construction.
Unemployment rate dropped from 4.0% to 3.8%, better than expectation of 3.9%. That’s still above pre-pandemic level of 3.5%. Number of unemployed edged down to 6.3m, above pre-pandemic level of 5.7m. Labor force participation rate was little changed at 62.3%.
Wage growth was a disappointment, however, with average hourly earning rose 0.0% mom, well below expectation of 0.6% mom.
