County loses 20500 jobs in January
- Author: Eleanor Harrison Mar 10, 2018,
Mar 10, 2018, 0:35
Following the the report, stock futures were higher with Dow futures up 150 points, or 0.6%, while S&P 500 futures were up 0.5% and Nasdaq futures were higher by 0.6%. Economists were expecting to see job gains of around 200,000.
While the unemployment rate remains well below Fed estimates of levels sustainable in the long run, the rise in participation suggests the presence of slack that would keep policy makers to a gradual pace of hikes.
The jobs numbers come on the heels of a report Wednesday from payroll processing firm ADP, which revealed that private employers added 235,000 jobs in February, up just slightly from 234,000 in January. The number of eligible people who were part of the labor force had been slipping, partly due to baby boomers heading to retirement. Th is contributed to a 0.3% increase in the labor force participation rate to 63%. The number of employed people in the workforce rose by 785,000, according to the report.
USA markets almost priced in a rate increase at the central bank's March 20-21 policy meeting. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January.
C ivilian labor force increased by 806 k in February.
Construction employment was estimated to increase by 34.4 hours, after slipping to 34.3 hours in January. California has gained almost 3 million jobs in an economic expansion that began in 2010.
Trump broke with the leaders of his own Republican Party this week, announcing steep tariffs on steel and aluminum imports in a move denounced by top congressional leaders and drawing rebukes from industry, who said it could undermine the benefits of December's sweeping tax cuts and spark a global trade war.
In January, when the year-over-year rate of growth in average hourly earnings rose to 2.9 percent, it even sparked a mini-panic in the stock market, contributing to a broad reassessment of inflation risks in the economy.
Hiring was strong across the board. Construction firms added 61,000 workers, the biggest increase in almost 11 years for the sector. There were also increases in payrolls for professional and business services, leisure and hospitality as well as healthcare and social assistance. "On the other hand, the unemployment rate overall in this particular industry is higher than the national average". "The fear is that this could absolutely create a significant problem for the US and the global economy".