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Does the Unemployment Rate Mean Economic Recovery?

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  • Description

    FBN’s Peter Barnes weighs in on the White House’s response to the jobs report.

  • Duration 2:42
  • Date

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Away from that number Peter Barnes is at the Labor Department a very cold Washington with -- those numbers.

-- Seven point 7%.

-- seven point 7% was the unemployment rate in February aid unexpected drop.

From seven point nine in January and nonfarm payrolls jumping 236.

Thousand in February much more than expected the unemployment rate is now the lowest since December 2008.

There are few factors in here that.

Push the unemployment rate down -- wanna cover that's in part because 300000.

People.

Told the Labor Department that they were no longer employed because a 170000.

Of them said they found jobs -- a 130000.

Of them left the workforce -- the non farm payrolls rose.

It was helped.

By a big jump in construction jobs and additional 48000.

Construction jobs in February.

That might be related to rebuilding from hurricane sandy we can look into that.

Later and that's three months now of strong consistent growth in construction.

The job the sequester back in February lots of concern about the -- -- we see that show up.

And the numbers this month well not really we saw 4000 fewer government jobs federal government jobs excluding.

The Postal Service in February but the Postal Service added 4000 so net net for federal workers in February it was flat the job losses of 101000 in government were still.

Once again.

And state and local governments in addition.

To those that big -- and construction jobs professional business services added 73000.

Health -- up 32000 last month.

Information services up 20000.

Manufacturing another nice gain 141000.

Retail up.

43000.

And labor and hospitality.

Up 24000 -- Hey Peter and just looking at some of the numbers here we're also seeing that some of the January numbers were revised its a lot of -- are looking for and it looks like the January.

-- nonfarm payroll number.

Was actually revised.

It -- -- it was revived -- To the downside.

-- I have I have those revisions now yet January and December were revised up but actually net net it was down 151000 jobs.

If you combine the two and so January was revised down.

38000 jobs at December was revised up 23000.

Jobs so for a net.

Loss in January to -- December combined down 151000 so a little less job growth over those two months.

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