BREAKING: U.S. adds just 20,000 jobs in February via YahooFinance
The U.S. economy added a sharply lower-than-expected 20,000 non-farm payrolls in February, the Bureau of Labor Statistics reported Friday. Consensus expectations called for 180,000 positions to be added for the month, according to Bloomberg data. February’s headline reading for new payrolls was the weakest in 17 months.
The unemployment rate fell to 3.8%, from 4% in January. Consensus economists expected this to have ticked down to 3.9%. The labor force participation rate remained unchanged in February at 63.2%. Much of the weakness in February’s non-farm payrolls additions was contained within select industries. Employment in goods-producing industries dropped by a total of 32,000 positions in February after increasing by 81,000 in January. Within this sector, construction employment fell by 31,000. Manufacturing payrolls increased by 4,000 new positions, below expectations for 12,000.
Friday’s jobs report comes following a previous two readings that came in much stronger-than-expected. Ahead of Friday’s results, many economists predicted a moderation in employment growth as December’s blowout results were sharply downwardly revised to 227,000 from 312,000 from the first print, and as colder February weather put a chill on hiring in some sectors.
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