US Nonfarm employment falls by 36,000. Unemployment rate steady at 9.7%.

By CountingPips.com

U.S. Nonfarm Payrolls employment data released today showed that jobs fell in the month of February by less than expected while  January’s jobs data was revised slightly higher. The Department of Labor nonfarm payrolls report showed that employment fell by 36,000 workers in February to total of 14.9 million unemployed workers following January’s revised job loss of 26,000 workers. The jobs data was better than expected as market forecasts were predicting a decrease by approximately 68,000 workers for the month.

The unemployment rate remained steady at 9.7 percent after dropping from 10 percent in December to January. Market forecasts were predicting the rate to rise to the 9.8 percent level.

January’s employment totals were revised from an original estimate of 20,000 jobs lost to 26,000 jobs lost for the month.

In the two years since the recession began in December 2007, the number of unemployed workers has increased by 8.4 million and the unemployment rate has advanced from 5.0 percent to 9.7 percent.

The goods-producing sector was the hardest hit by job losses for the month as this sector lost 60,000 total jobs with the construction sector losing 64,000 jobs. The manufacturing sector, meanwhile, added 1,000 jobs in February.

The service-providing sector gained 42,000 total workers in February as the education & health services sector added 32,000 jobs and the professional and business services sector increased by 51,000 jobs. Transportation and warehousing lost 12,000 jobs while financial activities shed 10,000 workers. Government hiring decreased by 18,000 workers in January.