U.S. Nonfarm Payrolls employment data fell by more than 500,000 for the fourth straight month in February according to the Department of Labor. The nonfarm payrolls report showed that U.S. payrolls shed 651,000 jobs in February following a 
revised drop of 655,000 jobs in January. The January payrolls data had originally shown a decline of 598,000 jobs while the number of job losses in the last four months now totals 2.6 million.
On an annual basis, around 5 million jobs have been lost since February 2008 and the four months straight of over 500,000 jobs lost has marked a first in the history of the government employment report. February’s jobs data just surpassed economic forecasts that were expecting a job loss of approximately 650,000 workers for the month.
February was the fourteenth straight month that companies have shed workers and brought the unemployment rate to 8.1 percent from 7.6 percent. The unemployment rate has increased by 3.3 percent in the last twelve months and February’s 8.1 percent jobless rate marked the highest jobless rate level since 1983. The unemployment rate increase surpassed market forecasts expecting the rate to increase to 7.9 percent.
All areas of employment were hard hit in February with only Education & Health Services and Government employment showing job gains for the month with increases of 26,000 and 9,000 jobs, respectively. The goods producing sector(-276,000) continued to be hard hit by job losses in February with the manufacturing sector cutting 168,000 jobs and the construction sector losing 104,000 jobs. The service-providing sector lost a total of 375,000 jobs with professional & business services shedding 180,000 workers and retail trade cutting 40,000 workers. Leisure and hospitality also lost 33,000 jobs in the month.
USD mixed in Forex Trading.
The dollar has been mixed in forex trading today following the dismal job report today as the U.S. currency has gained against the British pound, Canadian loonie, Australian dollar, New Zealand dollar and Japanese yen while declining versus the euro and Swiss franc.
The euro has been stronger versus the dollar today as the EUR/USD has advanced from its 1.2579 opening(00:00 GMT) to trading at 1.2617 in the afternoon of the U.S. trading session at 3:25pm EST. The British pound is falling today as the GBP/USD has declined from its 1.4179 opening exchange rate to trading at 1.4049 usd per gbp.
The dollar has fallen versus the Japanese yen and trading at 98.10 after opening at 98.25. The dollar has advanced today versus the Canadian loonie as the USD/CAD trades at the exchange rate of 1.2894 from its 1.2853 opening.
The dollar has fallen against the Swiss franc as the USD/CHF trades at 1.1597 after opening at 1.1634 today. The dollar has been stronger against the Australian dollar and slightly higher versus the New Zealand dollar. The AUD/USD trades at 0.6375 after a 0.6428 opening while the NZD/USD trades at 0.5009 today after opening at the exchange rate of 0.5021.
GBP/USD Chart – The British Pound declining today against the US Dollar in the Forex Market today.
