No news is very nearly good news in the labor market this month; nearly, but not quite the facts are that payroll employment didn’t change very much (and that change was in the wrong direction) and the unemployment rate did not improve further. If I might attempt a medical analogy, the hemorrhaging has slowed to insignificance and the fever remains elevated but down from the peak. The good news from the Fed shows that the patient is starting to gain some confidence in the eventual return to full economic health.
Nonfarm payroll employment was little changed in February, and the unemployment rate held at 9.7 percent. Neutral.
Consumer credit increased at an annual rate of 2-1/2 percent in January 2010. Revolving credit decreased at an annual rate of2-1/4 percent and non-revolving credit increased at an annual rate of 5 percent. Good news.
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