February employment data, released this morning, show a loss of 36,000 jobs for the month. The unemployment rate remains 9.7%. (Point of reference: the economy needs to add 200,000 jobs a month in order to post net gains).
Temporary help was the big winner, adding nearly 50,000 jobs (many were in the manufacturing sector).
Two troubling indicators: both initial and continuing claims for unemployment insurance remain high, and the number of discouraged workers ticked up. The broader unemployment rate climbed from 16.5% to 16.8%.
March, April and May should look brighter due to the addition of census workers to the ranks. It'll be interesting to see what happens in June, July and August after the census is completed and those jobs are eliminated.
Bottom line: there aren't a lot of people losing jobs, but neither is there a lot of hiring going on.

