NewsSharp decline in US full-time jobs: A closer look at recent labor trends

Sharp decline in US full-time jobs: A closer look at recent labor trends

Stephanie Pomboy, the founder of the macroeconomic trends-focused firm MacroMavens, pointed out the troubling economic indicators affecting the United States.

President of the USA Joe Biden
President of the USA Joe Biden
Images source: © PAP | SHAWN THEW / POOL

12:03 PM EST, March 9, 2024

According to a report by "The Wall Street Journal," the unemployment rate in the USA climbed to 3.9 percent last month, though it was anticipated to stabilize at around 3.7 percent, similar to the figure from January.

Exploring the Dynamics of Employment in the USA

Bloomberg has noted that the current unemployment rate in the United States is at its highest in two years. Nonetheless, the outlet also highlights that employment levels are still considered strong.

What underlies this optimistic outlook? It is primarily due to the fact that American companies generated approximately 302,000 jobs in February, surpassing economist predictions by 82,000. However, it's important to mention, as Reuters does, that data revisions for December and January revealed those months did not perform as initially expected.

While wage growth in the USA continues to rise, there has been a noticeable deceleration. Wages saw a modest increase of 0.1 percent compared to January, but experienced a more significant growth of 4.3 percent when compared to February of the previous year.

© essanews.com
·

Downloading, reproduction, storage, or any other use of content available on this website—regardless of its nature and form of expression (in particular, but not limited to verbal, verbal-musical, musical, audiovisual, audio, textual, graphic, and the data and information contained therein, databases and the data contained therein) and its form (e.g., literary, journalistic, scientific, cartographic, computer programs, visual arts, photographic)—requires prior and explicit consent from Wirtualna Polska Media Spółka Akcyjna, headquartered in Warsaw, the owner of this website, regardless of the method of exploration and the technique used (manual or automated, including the use of machine learning or artificial intelligence programs). The above restriction does not apply solely to facilitate their search by internet search engines and uses within contractual relations or permitted use as specified by applicable law.Detailed information regarding this notice can be found  here.