Job growth in February slowed to just 20000 new hires


Kully Samra, vice president at Charles Schwab, said that despite the weak job creation last month "the outlook for the USA economy remains strong relative to the rest of the world".

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 sudden collapse in hiring - including deep job cuts in the construction retail and transportation sectors - is sure to revive worries about the dwindling supply of American workers.

The US economy added 20,000 jobs in February while wages continued to rise, according to a recent report by the US Bureau of Labor Statistics.

Economists had been projecting a far stronger 173,000 gain. Temporary help employment was up 2.2% y/y, with monthly job gains averaging approximately 5,600 over the past 12 months. February's was dramatically smaller than January's revised increase of 311,000 and December's revised 227,000.

"I think you'll probably find out it averages out". "The unemployment in the process of bottoming". "Things are looking good!" the president tweeted on International Women's Day, although the figure he was referring to is really 3.8 percent.

The gains are also starting to show up in some lower-skilled jobs. Hiring has been consistent in the last quarter. "The fact that our labor force grew past year by 109,500 shows that even with such a low unemployment rate, MA continues to attract additional workers into our labor pool to help grow our economy", said Labor and Workforce Development Secretary Rosalin Acosta.

Leisure and hospitality jobs were stagnant in February after growing a combined 154,000 in the two previous months.

The 94 percent drop in total net new hiring was the biggest since August 2010.

Last year, the state's annual private sector job count reached 8,181,000, a new, all-time high, and the state's unemployment rate fell to 4.1%, its lowest annual rate on record.

And February's increase in average pay suggests that businesses are stepping up their efforts to attract and keep workers.

And it supports what Powell on Friday called the Federal Reserve's "patient, wait-and-see approach to considering any adjustment in the stance of policy".

The report was also unwelcome news to Wall Street, stocks lower and setting up equities to continue losses in what has so far been their worst week of the year.