The economy added 295.000 jobs in February, a figure higher than the consensus, with a reduction in unemployment of -0,2 pps, which puts it at 5,5%.
Both hourly and weekly earnings increased by 0,1% month-on-month, but on an annualized basis after inflation, they rose by only 0,3% and 0,9%, respectively. The JOLTS survey also showed strength, with the highest level of job postings since 2001. The February survey of the Institute for Supply Management (ISM) Non-Industrial Index revealed further progress, with the labor component rising a substantial 4,8% to 56,4—significantly above the 50 level that indicates expansion. The overall index grew by 0,2% to a solid 56,9, and while the new order intake component declined, it nevertheless remained at a robust 56,7. Meanwhile, the January balance of goods and services improved to -$41.800 billion (down from -$45.600 billion in December 2014), largely driven by the oil deficit, which narrowed from -$14.600 billion to -$10.700 billion. The only disappointing data this week came from Q4 2014 productivity, which fell by 2,2% quarter-on-quarter annualized.
Source: Solunion
Weekly Export Risk Outlook – Euler hermes
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