The index of aggregate hours fell 0.3 percent in February and is below the December level.

The Bureau of Labor Statistics (BLS) reported the economy added just 20,000 jobs in February. While this is a very weak number, it most likely is a bounce back from the extraordinarily rapid growth reported in January, which was revised up to 311,000. The average growth for the last three months was a solid 186,000.

Wage growth accelerated modestly, with the average hourly wage up 3.4 percent compared to its year-ago level. The annual rate of increase for the last three months (December,

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