Firms with fewer than 10 people let workers go at the highest rate in February. Those businesses are more exposed to quick economic changes.

The “official” rate only counts unemployed people who have looked in the last four weeks. Five other rates track other kinds of unemployment.

The monthly jobs report is actually two reports based on two surveys that use different sources for different information.

There’s been a lot happening that could affect the job market. But what impacts will actually show up in the numbers?

Workers are surveyed during reference week, the seven days that include the 12th day of the month. February’s reference week happened before a lot of the federal cuts.

But it might not be as good news as one might think for the labor market.

Measures of worker compensation and satisfaction were positive, and fewer workers say they are planning to jump ship this year.

That’s 3% fewer than a year ago. If it keeps dropping, it could be a sign the labor market is getting warmer.

It’s all about expectations. Mortgage rates fell in anticipation of the Fed cutting interest rates. But then came the strong September jobs report.

The increasingly dynamic nature of the American economy since the COVID-19 pandemic has wrought deep changes.