*SCALPSWINGSTRADDLE*

[Zephyr]

Employment Situation
Released On 4/4/2014 8:30:00 AM For Mar, 2014
Prior Prior Revised Consensus Consensus Range Actual
Nonfarm Payrolls - M/M change 175,000 197,000 206,000 175,000 to 275,000 192,000
Unemployment Rate - Level 6.7 % 6.6 % 6.6 % to 6.7 % 6.7 %
Average Hourly Earnings - M/M change 0.4 % 0.2 % 0.0 % to 0.4 % 0.0 %
Av Workweek - All Employees 34.2 hrs 34.4 hrs 34.3 hrs to 34.5 hrs 34.5 hrs
Private Payrolls - M/M change 162,000 188,000 215,000 175,000 to 270,000 192,000
Highlights
Job growth is improving but not quite as much as forecast. Total nonfarm payroll jobs rose 192,000 in March after a 197,000 boost in February and a 144,000 increase in January. The net revision for the prior two months was up 37,000. Expectations for March were for 206,000. Private payrolls gained 192,000, following an increase of 197,000 in February. Analysts projected 215,000 for March.

The unemployment rate held steady at 6.7 percent. The consensus projected 6.6 percent.

Turning back to the payroll portion of the report, goods-producing jobs rose 25,000 in March after a gain of 40,000 in February. Construction advanced 19,000, following a 18,000 increase the month before. Manufacturing jobs slipped 1,000 after rising 19,000 in February.

Private service-providing jobs increased 167,000, following an 148,000 rise in February. Professional and business services added 57,000 jobs in March. Health care added 19,000 jobs. Retail trade gained 21,000.

Government jobs were flat after rising 9,000 in February.

Average weekly hours improved to 34.5 from 34.3 in February. Average hourly earnings came off as unchanged in March after a spike of 0.4 percent in February.

Overall, the labor market is improving but very gradually. The doves at the Fed-including Chair Yellen-almost certainly will see this report as still too soft.