Employment Situation
Payrolls increased by 235,000 jobs in February, well above the consensus expectations. Much of the strength was in goods-producing industries, which added 95,000 jobs; construction especially benefited from the milder winter. The services segment lost 26,000 jobs as a result of the weakness in retail. The unemployment rate declined from 4.8% to 4.7%, even as the participation rate increased to 63%.
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