NFP comes in as expected but the Unemployment rate worse than expectations. So are revisions.

Written March 6, 2009 at 8:32 AM EST by  

greg_michalowski_fxdd_fxtrading01537

Unemployment rate 8.1%, expected 7.9%. Highest since Dec 1983.  This is consistent with the FXDD Unemployment review (click here for the report)

Manufacturing -168K  Prior month revised to 257K decline.  The worst since Feb 1975
Revisions to prior months have pushed the number of total jobs lost to 4.384 million. 
The average job loss in this employment recession has been 313K
The average over the last 4 months is a whooping 646K
Losses are still accelerating.

greg_michalowski_fxdd_fxtrading01538

NFP 651K.  Prior month revised to 655K
Goods Producing: -276K
Servicing Producing -375K.  The spread into Service sector continues.

The Avg Workweek remains at record lows.

Job addition Sectors:
Health rose by 26K, less than trend
Govt rose by 9K

Job Loss Sectors
Manufacturing -168K
Trade, Trans and Utilities   -124K (Retail lost 39,500 jobs)
Professional and Bus Services -180K (Temporary workers lost 77K).  Largest decline going back to 1960
Construction -104K
Financial -44K
Information -15K
Leisure and Hosp –33K
Mining -4K

greg_michalowski_fxdd_fxtrading01536

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