U.S. Employment Posts Solid Growth in Februar 2012.03.09

March 09, 2012 22:37

The United States reported Friday the country’s Non-Farm employment increased 227,000 in February 2012, higher than analyst’s expectations. The unemployment rate remained unchanged at 8.3%. Professional and business services, health care and social assistance, leisure and hospitality, manufacturing, and mining all created additional jobs in February 2012. Professional and business services added 82,000 jobs in the month of February. Health care and social assistance increased their employment by 61,000 in the month. Leisure and hospitality added 44,000 more jobs in February. As well, manufacturing added 31,000 to their employment. On the other hand, there was little change in construction, retail trade, and government positions.

In February, the number of individuals who were employed part-time for economic reasons was essentially unchanged at 8.1 million. These individuals were working part time as a result of having their hours cut back or were unable to find full-time positions. The number of individuals who were marginally attached to the labor force at 2.6 million also remained essentially unchanged.

Furthermore, the amount of unemployed individuals at 12.8 million basically stayed the same. Additionally, the number of long-term unemployed at 5.4 million, making up 42.6% of the unemployed, also was little changed in February 2012.

The data released today indicated that the U.S. labor market enjoyed its best growth in over twelve years. U.S. stock markets were up after the report was released with the Dow trading around 12,941 at the time of writing this report. The EURUSD declined immediately close to 100 pips after the report was released. The other major news headline out of Greece was that 80% of private bond holders had agreed to a debt swap arrangement. The pair is testing support at 1.3100. If the pair falls below support at 1.3100, we expect the EURUSD to target 1.3000, which was the low established on February 16th.

Eugene Ross, Analyst

Admiral Markets

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