March Edition

Whatever you believed last month, continue to believe it. The February jobs report did not have much news. The core story in the February report is likely the impact of bad weather on hours worked, no surprise to all of us with mental scars from days inside and snow drifts outside. Jobs were up surprisingly strongly — 175,000 — and average hourly earnings rose a sharp 4.5 percent (annual rate). Weekly earnings were flat because hours were down by 0.2 percent. Workers are making more per hour, but working less.

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