The February US jobs report has clearly disappointed, with total employment rising just 20,000 versus expectations of a 180,000 increase. January’s figure was revised up marginally to 311,000, but this is a troubling headline number and on the face of it offers support to the dovish shift in the Federal Reserve's policy stance while justifying market pricing that the Fed funds rate has peaked. The details show there was a particular weakness in construction, which fell 31,000 with retail employment falling 6,000 and government workers falling 5,000. Elsewhere it was largely flat or single-digit gains in key ... (full story)