Today's jobs report brings good news and bad. The good: employers added 175,000 jobs in February, a figure well above the anemic job gains recorded in the previous two months. The bad: The gains were down from the average of 189,000 added over the past year and, in the words of the New York Times, "fell a bit short of what policy makers had been hoping to see at this stage of the recovery."
The nation's unemployment rate, meanwhile, ticked up a tenth of a point to 6.7 percent as would-be-workers flooded back into the labor market looking for work. Here's Bloomberg with the half-full reading:
The report indicates employers remain upbeat about the economy’s prospects after winter storms and freezing temperatures across the eastern U.S. slowed consumer spending, housing and manufacturing. ... The figures showed hiring at professional and business services increased by the most in a year, while payrolls also rebounded in education and health services. State and local government agencies, factories and construction firms also added to headcounts last month. Revisions to prior reports added a total of 25,000 jobs to overall payrolls in the previous two months.
A pre-report survey of economists conducted by Bloomberg predicted gains of between 100,000 to 220,000.