Unemployment Rate Rose To 8.1% In February

Nonfarm payrolls fell 651,000 in February, versus the estimate of a 650,000 decline. January was revised from -598,000 to -655,000, and December was revised from -577,000 to -681,000. The unemployment rate jumped from 7.6% to 8.1%, above the forecast of 7.9%. Average hourly earnings rose 0.2%, in line with the Street's forecast. The average weekly hours remained at 33.3, matching the estimate.