New York, NY Jobs Report
The past few months’ rapid job growth may have caused the stunted gains in February, say some economists. Others attribute it partly to government statisticians having issues making seasonal adjustments. The Bureau of Labor Statistics showed a net gain in non-farm employment of only 20,000. One bright spot was professional business services which added 42,000 jobs overall. The unemployment rate also declined to 3.8 percent.
While the job gains were the slowest in 17 months, the tight labor market is forcing employers to increase wages to keep their best talent; average wages increasing 11 cents to $27.66 per hour, the strongest since 2009. Despite the wage increases, inflation worries remain low.
Analysts cautioned that the weakness in February non-farm payrolls may not carry over after future revisions. “The soft payroll is not indicative of the trend, but strong [average hourly earnings] is,” Ian Shepherdson of Pantheon Macroeconomics wrote in a note Friday.
“The weak job growth reading is not necessarily reason for concern just yet,” Julia Pollak, a labor economist at the job-recruiting site ZipRecruiter, told Markets Insider. “The economy is still producing far more jobs than is necessary to keep pace with population growth.”
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.