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The lede:   Total nonfarm payroll employment changed little in February (+20,000), and the unemployment rate declined to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment in professional and business services, health care, and wholesale trade continued to trend up, while construction employment decreased.

Disappointing? Yes, butMay 2015 saw 15K jobs created. Then we saw 15 months in a row of at least 100k jobs created.

Sept 2017 saw 18k jobs created. Then we saw 16 months of at least 100k jobs created.

More…20K jobs created is a disappointment, but then you realize 651k jobs were lost 10 years ago in the February 2009 jobs report.

And finally, from Charlie Bilello:  US Jobs are up 1.69% year-over-year. Average YoY growth in past 3 years: 1.68%. So yes, 20k gain last month means Depression is coming.

Just how low is the U.S. Unemployment Rate?  Still extremely low, dangerously low in fact:

More on today’s jobs report from Jill Mislinski

Hat tip Ryan Detrick/LPLResearch