The Unemployment Rate Can Only Go So Low

10 March, 2019, 22:59 | Author: Billie Castillo
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CT has recovered just 84 percent of lost jobs and must gain another 19,300 to meet pre-recession levels, he said.

Some of the weakness could be chalked up to winter weather, as construction jobs fell by 31,000. "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".

Thus, we have in the February report a labor market that has regularly beaten expectations in the preceding months, with some methodological dynamics at play as well.

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

"Women's unemployment rate is down to 3.6 per cent - was 7.9 per cent in January 2011". The government shutdown only mildly affected the establishment report and had no impact on the jobs number, due to the Bureau of Labor Statistics's methods.

Despite February's new jobs figure, which was the lowest in 17 months, an average of 200,000 jobs per month have been created over the past year.

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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".

January's job growth was revised up to 311,000 from 304,000 and December was revised up to 227,000 from 220,000.

"At 3.4% year-over-year, wage gains hit their highest mark since April 2009". "We anticipate a robust 190,000 gain in non-farm payrolls in February, while a post-shutdown rebound in household employment will cause the unemployment rate to drop back to 3.9%". Average hourly earnings continued their slow, steady climb, rising 0.4 percent month-over-month and 3.4 percent year-over-year, compared to 0.1 percent and 3.2 percent, respectively, in January.

According to the Labor Department, there was an increase of 198,000 in those not in the labor force, while, those unemployed dropped by 3000,000. Manufacturing added just 4,000 jobs - far fewer than the 21,000 in January.

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 U.S. labor market is still in good shape", said Gus Faucher, chief economist at PNC Financial. There were also job losses in the utilities as well as transportation and warehousing industries. The industries that added jobs included healthcare and professional services, the agency noted. Over the year, Government gained 6,200 (+1.4%) jobs.

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