The employment-to-population ratio is 0.4 percentage points above its low for the cycle.

The employment-to-population ratio (EPOP) edged up to 58.6 percent in February, its highest level since May of 2010, as the Labor Department reported that employers added 227,000 jobs in February. With upward revisions to the prior two months’ data, average job growth over the last three months is now reported as 244,000.

Job gains were concentrated in a relatively small group of industries. The employment services industry (which includes temps) added …

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