The US economy regained +379,000 jobs in February, beating expectations. The unemployment rate was little changed at 6.2%.
The jobs figure for December was revised downwards by -79,000 to a loss of -306,000, but the January number was revised upwards by +117,000 to a gain of +166,000.
The total number of US jobs is still down by -9.5 million since their peak last February, or -6.2%.
The labor force participation rate is still at 61.4%, down from 63.3% a year ago, indicating a large number of people who have lost jobs and dropped out of the labor market (and are therefore not counted in the unemployment rate)
The US gained +355,000 jobs in leisure and hospitality in February, with about 4/5 of the increase in food services and drinking places (+286,000). Employment in leisure and hospitality is still down by 3.5 million, or 20.4%, since last February.
Employment in health care and social assistance increased by +46,000 in February, but is down by -909,000 from a year ago.
Retail trade added +41,000 jobs in February. Following steep job losses (-2.4 million) in March and April of 2020, retail trade has regained 2.0 million jobs from May through February.
The US economy added +21,000 manufacturing jobs in February, but that number is still down -561,000 from a year ago.
Employment in construction fell by -61,000 in February, and is down -308,000 from a year ago
Mining (including oil drilling) lost -8,000 jobs in February, and is down -153,000 jobs from its peak in January 2019, with 2/3 of the losses coming over the past year.
Employment changed little in wholesale trade, transportation and warehousing, information, financial activities, and other services.
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The US reported +1,515 new coronavirus deaths today, bringing the total to 537,119. The 7-day moving average declined to 1,806 deaths per day.
The US had +58,228 new confirmed cases of COVID-19 today, bringing the total to over 29.6 million. The 7-day moving average fell to below 62,000 new cases per day, its lowest level since October 19.
18 US states had over 1,000 new cases today. New York led the pack with over 7,000 new cases, followed by Florida and California with over 4,000 each.
The US reported +1,794 new coronavirus deaths yesterday, bringing the total to 535,563. The 7-day moving average fell to 1,805 deaths per day, its lowest level since December 2.
The US had +67,281 new confirmed cases of COVID-19 yesterday, bringing the total to nearly 29.6 million. The 7-day moving average declined to under 63,000 new cases per day, its lowest level since October 20.
17 US states had over 1,000 new cases each, of which 4 had over 5,000 each. New York led the pack with over 8,000 new cases, followed by Florida, Texas, and California with over 5,000 each.
The ISM Manufacturing Index rose +2.1 points in February to 60.8, a strong continued recovery reading and its highest level since February 2018.
New orders in manufacturing rose +3.7 points in February to 64.8, indicating continued momentum, and employment rose +1.8 points to an expansionary 54.4. Prices shot up +3.9 points to 86.0, which is why you may be hearing people express concern over inflationary pressure.
US manufacturers are reporting serious supply chain constraints and rising prices. "Supply chains are depleted ... overall capacities are full ... prices are going up, and lead times are growing longer by the day."
1. Someone today asserted to me, citing NIH, that during the 1918 flu pandemic, most people actually died of bacteria pneumonia - which, he said, they got from wearing masks. This is gravely misleading, and deserves an explanation.
2. It is true that most people who died during the 1918 epidemic died of bacterial pneumonia - as a secondary infection brought on by the influenza virus. At first, this confused researchers, who thought bacteria might be the root cause. But the root cause was the virus.
3. How do we know it wasn't masks? Because thousands of people were getting sick, turning blue, and dying of massive bacterial pneumonia within 48 hours, well before anyone even thought to put on masks.
The US reported +1,993 new coronavirus deaths today, bringing the total to 533,636. The 7-day moving average declined to 1,854 deaths per day, its lowest level since December 2.
The US had +68,321 new confirmed cases of COVID-19 today, bringing the total to over 29.5 million. The 7-day moving average fell to below 65,000 new cases per day, its lowest level since October 22.
18 US states had over 1,000 new cases today, of which 4 had over 5,000. New York and Texas led the pack with over 7,000 new cases each.