Only 20000 jobs added in February, far fewer than expected

Job Fair

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February's was dramatically smaller than January's revised increase of 311,000 and December's revised 227,000.

State officials say MA employers added an estimated 11,400 jobs in January while the unemployment rate held steady at 3.1 percent. Since President Trump was elected in November 2016, the US economy has created over 5 million jobs.

But the mixed report was another indication the economy, which in July is set to mark a record 10 years of expansion, is slowing as the stimulus from a $1.5 trillion tax cut and increased government spending ebbs. Leisure and hospitality employers added no jobs, after increasing their payrolls by 410,000 over the past year. The really good news is wage numbers.

According to CNBC, economists had been expecting a wage increase of 3.2 percent.

The Labor Department released a shocking jobs report on Friday revealing the USA economy added just 20,000 jobs in February - far fewer than analysts' prediction of 180,000 new jobs and sparking fears of an impending economic slowdown.

The 20,000 jobs created in February was the lowest since September 2017, a month marked by the impact of several major hurricanes.

The unemployment rate for Americans who didn't graduate from high school fell to 5.3% in February, the lowest level since the Labor Department began tracking that statistic in the early 1990s. The last three months saw an average job gain of 186,000 jobs.

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

U.S. hiring was the weakest in more than a year 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.

If someone had predicted in November that the economy would see 1 million jobs added to the nation's payrolls in the next four months, they likely would have met some skepticism.

In total, MA added about 11,400 jobs in January, keeping the unemployment rate 0.9 percentage points lower than the national average.

Wages grew 3.4 percent in the past year, the best annual gain since April 2009, when the United States was in the Great Recession. Manufacturing added just 4,000, the fewest in a year and a half.

Another 500 jobs were lost in trade, transportation and utility and financial activities fell by 300 jobs. Retail jobs fell by 6,100, while education and health services posted a meagre gain of 4,000.

Education and Health Services added 1,300 (+0.2%) jobs over the month.

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