WASHINGTON — U.S. nonfarm payroll employment grew by 273,000 jobs in February, according to the latest figures from the Bureau of Labor Statistics (BLS).
The unemployment rate ticked down to 3.5% from 3.6%, the BLS said in its latest jobs report.
Data for the February report were gathered in mid-February, before the threat of a coronavirus outbreak resulted in sharp drops in the stock market, interruptions in manufacturing and shipping (especially from China), limitations on travel and cancellation of public events.
Scott Paul, president of the Alliance for American Manufacturing (AAM), expressed concerns about the uncertainty caused by the coronavirus, even as he celebrated the addition of 15,000 new manufacturing jobs in February.
“I’m deeply worried that manufacturing has been consistently underperforming the rest of the economy for a solid year now,” Mr. Paul said.
The AAM is calling on the federal government to press China to honor its trade commitments and to invest in infrastructure as soon as possible.
According to the BLS' February report, health care and social assistance saw the largest employment gains, with 57,000 new jobs. Close behind were food services and drinking places, with 53,000 new jobs; government, 45,000; construction, 42,000; and professional and technical services,32,000.
Manufacturing, mining, wholesale and retail trade, and transportation and warehousing saw little change in employment for the month, the BLS said.
Payroll services firm ADP Inc. issued its own monthly employment report March 4. According to ADP, private sector employment increased by 183,000 jobs in February.
U.S. adds 273,000 jobs in February; unemployment rate steady
Large businesses (500 employees and up) saw by far the greatest gains in February, with 133,000 new jobs, according to ADP. Medium-sized businesses (50 to 499 employees) added 26,000 jobs and small businesses (one to 49 employees) 24,000 jobs, it said.
Goods-producing businesses grew by only 11,000 jobs in February, including an increase of 18,000 jobs in construction but a loss of 4,000 jobs in manufacturing, according to ADP.
Service-providing businesses represented 172,000 new jobs, including 46,000 in education/health services, 38,000 in professional/business services and 31,000 in trade/transportation/utilities, it said.
Franchise employment grew by 20,800 jobs in February, including 1,300 in auto parts and dealers, ADP said.
Small business owners boasted solid hiring, higher levels of open positions and increased employee compensation, according the monthly jobs report from the National Federation of Independent Business.
“The labor shortage remains one of the biggest obstacles to a more robust small-business economy,” NFIB Chief Economist Bill Dunkelberg said.
“The lack of workers has slowed certain sectors like construction, manufacturing and transportation.”
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