The February jobs report was a behemoth.

The labor market added 313,000 jobs. The unemployment rate was unchanged at 4.1 percent because the labor force jumped 806,000 – the largest since June 1983 – as a result of a jump of 0.3 percent (to 63 percent) in the labor force participation rate. Stunning. Employment gains were widespread across sectors of goods, services, and governments. The growth of 50,300 in the retail sector is especially strong. Demand for labor was also evidenced by a rise in the average workweek and the index of aggregate hours grew by 0.6 percent. The February report also had an Achilles heel: Average hourly earnings grew only at an annual rate of 1.8 percent. Within the unemployment rates there were some interesting moves. Those with a high school education saw their unemployment rate decline by 0.1 percent – the only education category that saw a decline. Teen unemployment rose to 12.6 from 12.4 in January, while Hispanic unemployment dropped modestly from 5.0 to 4.9 percent. There was a sharp decline – from 7.7 percent to 6.9 percent – in African-American unemployment, despite the fact that the African-American labor force participation rate jumped by 0.9 percent.

Here is a brief summary of the major economic indicators since the last jobs numbers:

• The Producer Price Index for final demand increased 0.2 percent in February;
• The Consumer Price Index increased 0.2 percent in February;
• Real average hourly earnings did not change from January to February;
• Orders for durable goods increased 3.1 percent in February;
• New home sales decreased 0.6 percent in February;
• The Price Index of U.S. imports increased 0.8 percent in February;
• ISM Non-Manufacturing Index decreased to 58.8 percent in March;
• ISM Manufacturing decreased to 59.3 percent in March;
• Consumer Confidence Index decreased from 130.0 to 127.7 in March;
• ADP reported private sector employment increased by 241,000 jobs in March.

Daily Dish <contact@americanactionforum.org>