FRIGHTFUL FEBRUARY

February non-farm payrolls sank by 92,000, December and January were collectively revised down by 69,000, and the unemployment rate troublingly rose to 4.4%, despite the labor force participation rate falling to 62%, the lowest since 12/21. Since May, employment growth has seesawed between monthly gains and losses every month. This report is further confirmation of an utterly listless and flat labor market. Y-o-Y job growth is dismal at just 0.1%.