Wednesday, 22 May, 2019

United States payroll gains plunge to 20,000 as wages top estimates

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Russell Knight | 10 March, 2019, 22:57

Job gains over the last two months averaged 186,000 per month, well above the roughly 100,000 needed to keep up with the working-age population. Construction payrolls fell by 31,000 - harsh weather in February could have dragged down those numbers. "The fact that our labor force grew a year ago 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", said Labor and Workforce Development Secretary Rosalin Acosta.

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

Over the year, the state's seasonally adjusted unemployment rate dropped five-tenths of a percentage point.

It supports the Federal Reserve's "patient" approach toward further interest rate increases this year.

Nonfarm payrolls increased by 20,000 after an upwardly revised 311,000 gain the prior month, a Labor Department report showed March 8.

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"At 3.4% year-over-year, wage gains hit their highest mark since April 2009".

The state's private sector job count is based on a payroll survey of 18,000 NY employers conducted by the U.S. Department of Labor's Bureau of Labor Statistics. CNBC reports, "Average hourly earnings increased by 3.4 percent on year over year, easily the best of the economic recovery that began almost 10 years ago".

Job creation ground to a virtual halt in the United States last month as employers in a range of industries began to shed workers-but the unemployment rate fell, the USA government said yesterday.

The company has taken other steps, she said: Jobs at the distribution center, located outside Milwaukee, don't require high school diplomas and have been plagued by high turnover. Economists widely suspect a slowdown will hit the USA economy soon, according to WSJ. Manufacturing added just 4,000 jobs - far fewer than the 21,000 in January. One solid reading was professional and business services, with a 42,000 increase. Government payrolls dropped by 5,000 jobs last month, pulled down by declines both local and state government education.

Another 500 jobs were lost in trade, transportation and utility and financial activities fell by 300 jobs. With these revisions, temporary help employment growth was lower than previously reported by 6,900 jobs. Over the year, Education and Health Services gained 9,800 (+1.2%) jobs.

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