January's reading was revised to 504,000 jobs added. December's reading was revised from a gain of 260,000 to an increase of 239,000.
The unemployment rate grew from 3.4% to 3.6%. Economists surveyed by Bloomberg forecasted that this rate would stay at 3.4%,. Additionally, the number of people who were unemployed for under five weeks soared from 1.9 million in January to 2.3 million in February according to the latest news release from BLS.
Bunker added that the labor force participation rate and employment-population ratio for prime-age workers, or those aged 25 to 54,"are back to where they were in early 2020." Bunker said that,"I think a lot of what has been talked about in terms of the slow return of workers is a combination of demographics" with an aging population as well as the fact that"supply does return, it just takes longer than demand."
Jack up the interest rates to punish productivity.