Payrolls are increasing, that’s a good thing. Average Hourly Earnings are increasing. That’s a very good thing. The Unemployment Rate was unched (that’s Geek Speak for unchanged), which probably means that payrolls need to increase even more and even faster. The Underemployment Rate actually decreased from 15.1% in January to 14.9% in February. The underemployment rate includes people who aren't working or looking for work, but want a job, and those who are working part-time because they can't find a full-time position.
The underemployment rate is higher percentage than the unemployment rate because it includes a broader group of workers than those who are counted as unemployed. A worker is considered underemployed when they are working at a job they are over-qualified for, working part-time when they would prefer full-time work, or working at a low-wage job when they could, if jobs were available, be working more hours. So let’s hope that the divergence of the Unemployment and the Underemployment numbers means that more part time jobs are being converted to full time jobs and/or working more hours at a greater pay rate.
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Trade Balance | JAN | -$49.0B | -$52.6B | -$48.6B | -$50.4B |
Change in Nonfarm Payrolls | FEB | 210K | 227K | 243K | 284K |
Change in Private Payrolls | FEB | 225K | 233K | 257K | 285K |
Change in Manufact. Payrolls | FEB | 24K | 31K | 50K | 52K |
Unemployment Rate | FEB | 8.3% | 8.3% | 8.3% | - |
Avg Hr Earning MoM All Emp | FEB | 0.2% | 0.1% | 0.2% | 0.1% |
Avg Hr Earning YoY All Emp | FEB | 2.0% | 1.9% | 1.9% | 1.8% |
Avg Weekly Hours All Emp | FEB | 34.5 | 34.5 | 34.5 | - |
Underemployment Rate | FEB | | 14.9% | 15.1% | - |
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
Ph: 225-342-0013
Fx: 225-342-9721
Email: jbroussard@treasusry.state.la.us
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