Macro Matters

Non-Farm Payrolls remain on a positive run with a further 678k jobs (mkt 400k) added during February, from a revised 481k in Jan.  Private sector jobs growth came in at 654k (mkt 378k).  Manufacturing payrolls added 36k (mkt 23k) jobs while government gained 24k from an upwardly revised 33k last month.  Average monthly revision over the past 12-months now stand at +79.6k.  There was also good news on the participation rate too which moved up to 62.3% from 62.2%.  Unemployment resumed its downward course at 3.8% from 4.0% although U-6 edged back to 7.2% from 7.1%.  Full-time work continues to drive the recovery, with the household survey actually reporting a small decline in part-time employment.