WATCH: U.S. economy gains only 20,000 jobs in February via ReutersTV
WASHINGTON - U.S. employment growth almost stalled in February, with the economy creating only 20,000 jobs, adding to signs of a sharp slowdown in economic activity in the first quarter.
The sharp step-down in payrolls was another blow to President Donald Trump who has suffered a series of setbacks in recent weeks, including failed nuclear talks with North Korea, a record goods trade deficit despite his administration’s “America First” policies and the economy missing the White House’s 3 percent annual growth target in 2018.
“We had warned that recent employment gains had overstated the underlying strength of the U.S. labor market,” said Harm Bandholz, chief U.S. economist at UniCredit Research in New York. “And the correction now came in February with a bang, rather than spread out over various months.” Economists polled by Reuters had forecast nonfarm payrolls rose by 180,000 jobs last month. In addition to the weather and rising worker shortages, a stock market selloff and jump in U.S. Treasury yields in late 2018, which tightened financial market conditions, also likely curbed hiring.
Overall, wage inflation remains moderate. A report on Thursday showed labor costs rising only 1.4 percent in 2018, the smallest gain since 2016, after increasing 2.2 percent in 2017. Last month, employment at construction sites fell by 31,000 jobs, the biggest drop since December 2013, after increasing by 53,000 in January. The leisure and hospitality sector added no jobs after payrolls increased by 89,000 in January.
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