February 2021 US jobs data:
- Prior was +49K (revised to +166K)
- Unemployment rate 6.2% vs 6.3% expected
- Prior unemployment rate 6.3%
- Participation rate 61.4% vs 61.4% expected (was 62.8% pre-pandemic)
- Prior participation rate 61.4%
- Underemployment rate 11.1% vs 11.1% prior
- Average hourly earnings +0.2% m/m vs +0.2% expected
- Average hourly earnings +5.3% y/y vs +5.3% expected
- Average weekly hours 34.6 vs 34.9 expected
- Two month net revision -159K
- Change in private payrolls +465K vs +200K expected
- Change in manufacturing payrolls +21K vs +15K expected
- Long-term unemployed at 4.1m vs 4.0m prior
- The employment-population ratio, at 57.6% vs 57.5% prior
- Full report
Good news is bad news with this report. US 10-year yields touched above last week's high immediately afterwards and the dollar rose. That's weighed on US equity futures.
