Job Market Softens With Higher Unemployment, Moderate Hiring

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Bloomberg International Economics and Policy Correspondent Michael McKee, Bloomberg News Economics Editor Molly Smith and Jane Oates, Senior Policy Advisor at WorkingNation discuss US job growth steading last month while the unemployment rate rose — a mixed snapshot of a job market hanging in the balance of quickly changing government policy.
Nonfarm payrolls increased 151,000 in February after a downward revision to the prior month, according to a Bureau of Labor Statistics report out Friday. The unemployment rate rose to 4.1%. Friday’s report is the latest evidence that the labor market is softening, with more people permanently out of work, fewer workers on federal government payrolls and a jump in those working part-time for economic reasons. The number of Americans holding multiple jobs climbed to a record of nearly 8.9 million.
That sets a weak backdrop just as President Donald Trump’s policies raise concerns about the broader economy. Inflation has proven sticky in recent months and consumers are starting to pull back on spending, which, if sustained, may lead businesses to rethink their hiring plans.
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