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techkenyot.com May 21, 2019


Only 20000 jobs added in February, far fewer than expected

10 March 2019, 10:59 | Hattie Nash

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Job Fair

The jobs numbers for February came in at a startlingly low number of only 20,000 jobs added, well below the 180,000 jobs many economists had expected. That's a noticeable pickup from January's year-over-year gain of 3.1 percent.

Economic analysts offered a range of reactions to news of the weak job-creation numbers.

With wage increases continuing to accelerate but little indication that price inflation or inflation expectations are rising, the Federal Reserve has room to hold pat. Retail jobs fell by 6,100, while education and health services rose only 4,000 and leisure and hospitality payrolls were unchanged. By contrast, more than 300,000 jobs were added in January.

Only 20000 jobs added in February, far fewer than expected
Only 20000 jobs added in February, far fewer than expected

The professional and business services sector was the one major category to report significant job creation, with 42,000 new positions created in February.

U.S. employment has now risen for 100 consecutive months, the longest jobs-expansion streak on record.

Hiring in the United States was the weakest in 17 months in February while wage gains were the fastest of the expansion and the unemployment rate fell, a possible sign that America's jobs engine is starting to slow down.

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US stocks fell as the employment report added to concerns of softening global growth sparked by weak China export data and a prolonged slowdown in eurozone.

Last month's pullback in hiring does follow signs that USA economic growth is probably slowing because of a weaker global economy, a trade war between the United States and China and signs of caution among American consumers.

The labor force increased by 7,200 from 3,833,200 in December, as 8,400 more residents were employed and 1,200 fewer residents were unemployed over the month.

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That said, I expect a strong gain in payrolls of 190,000 and expect to see the unemployment decline to 3.8 percent. Wages grew by 3.4 percent a year ago, the largest gain since 2009.

He said that average new jobs growth over a three-month period was 186,000 which "is entirely respectable".

CT had 0.6 percent job growth in 2018, up from 0.1 percent in 2017 and 0.2 percent in 2016, Gioia said. The manufacturing sector followed with the addition of 600 net jobs.

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The pace of hiring in the United States fell last month to its lowest point in almost a year and a half, a surprise drop likely reflecting harsh weather and other temporary factors that led most economists to see the slowdown as a temporary blip. The economy added 260,000 jobs the following month.



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