The number of Americans filing applications for unemployment benefits fell more ...
WASHINGTON - The number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to still strong labor market conditions, though the pace of job growth has slowed after last year’s robust gains.
But manufacturers were less upbeat about business conditions and capital spending over the next six months, supporting the view that the manufacturing sector is slowing in line with softening economic growth. The Labor Department said no states were estimated. Economists polled by Reuters had forecast claims falling to 225,000 in the latest week. Claims have been drifting in the middle of their 200,000-253,000 range this year.
Nonfarm payrolls increased by only 20,000 jobs in February, the fewest since September 2017. The slowdown followed big gains in December and January. Average job growth has moderated to about 165,500 per month from 223,250 per month in 2018, reflecting a shortage of workers and softening economic growth as the stimulus from a $1.5 trillion tax cut package fades.
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