Friday, March 8, 2019

February's Jobs Report

Job growth slowed significantly in February, with the economy adding just 20,000 jobs, the Labor Department reported this morning. It was the worst month for job creation since September 2017. That compares with an increase of 311,000 jobs in January; in all of 2018, job growth averaged 223,000 per month.

Nevertheless, the headline unemployment rate fell to 3.8 percent. That's because there was an increase of 198,000 in those considered not in the labor force, while those classified as unemployed fell by 300,000 and the ranks of the employed decreased by 45,000.

Professional and business services saw the highest level of job creation in February, with 42,000 new positions. Health care added 21,000 and wholesale trade rose 11,000. On the downside, construction lost 31,000 and leisure and hospitality, a key component of the recovery, was flat.

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