While February was expected to match the January payrolls number at best, the February payrolls print was a blockbuster, blowing expectations out of the water with 313K jobs added, over 785K according to the Household Survey, and a record 1 million full and part-time jobs.
So which sectors were responsible for the surge in February employment? The key highlights: virtually every industry added jobs in February, with a particular focus on construction workers, which added a whopping 61K jobs in February...
... with the exception of information, which saw a drop of 12K jobs.
Some other notable changes:
Commenting on the data, SouthBay research noted the following:
What was also quite notable was the sharp, +50,300 jump in retail jobs, which according to the BLS, have wiped out the doldrums from the recent bricks and mortar collapse, and are back to record high.
Southbay's summary: "Broad strength. Notable strength in the supply chain (manufacturing, transportation) and consumer (home construction, Lending, Retail, Leisure & Hospitality)"
Finally, as Bloomberg shows, below are the industries with the highest and lowest rates of employment growth for the most recent month: monthly growth rates are shown for the prior year.