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Unemployment Stays at 9.7%
Employers cut 36,000 jobs in February and the
unemployment rate remained unchanged at 9.7%, the Labor
Department reported. The job loss was less than what many
analysts expected. Analysts were concerned that heavy
snowstorms across the U.S. during the survey week for the
employment report would cause a huge drop in payrolls. Some
analysts believe that without the storms, the economy likely
would have seen a net jobs gain in February. In addition,
the government said job losses for December and January were
revised to show 35,000 fewer jobs lost than previously
reported. Taken together, the results reveal a job market
that has stabilized and may be poised for a slow recovery –
but one that remains weak.
Manufacturing added 1,000 jobs in February, but
construction payrolls fell by 64,000 jobs. Temporary hiring
added 48,000. Retailing was essentially flat. Information
jobs declined by 18,000, while professional and business
services jobs grew by 51,000. Education and health services
added 32,000 jobs, while government jobs fell by 18,000
(federal and state government jobs grew, while local
governments slashed 31,000 workers).
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Date Last Updated: 03/11/2010
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