The US jobs report always throws up surprises and we have quite a lot in this report for February. Nonfarm payrolls rose 275k, above the 200k forecast, but there were 167k of downward revisions to the past two months so the net improvement was little more than 100k. The revisions recently have been huge – remember last month we got 126k of upward revisions. This highlights how unreliable the data collection is and why we should really focus on a range of labour market indicators rather than this single payrolls number alone. In terms of where the jobs were created, it was yet again concentrated in government (52k), ... (full story)