Hospitality job gains keep Mass. unemployment at 3.1%

Monday, 11 Mar, 2019

The last month when hiring was this slow was September 2017, when only 18,000 jobs were added.

In February, the department said, the average hourly earnings for all employees on private non-farm payrolls rose by 11 cents to 27.66 USA dollars, following a 2-cent gain in January.

CFRA Research Investment strategist Lindsey Bell, BMO Capital Markets chief investment strategist Brian Belski and Ladenburg Thalmann Asset Management CEO Phil Blancato on the release of the Federal Reserve's Beige Book and the state of the USA stock market.

Addressing reporters outside the White House later, Trump said the number of new jobs "averages out" with the report's positive information. The following month, the USA economy added 260,000 jobs. Real gross domestic product increased at an annual rate of 2.6 percent in the fourth quarter of 2018.In the third quarter, real GDP increased 3.4 percent.

The moderation in employment growth reported by the Labor Department on Friday is in line with a slowing economy that in July will mark 10 years of expansion, the longest on record.

The wage gains reflect a tightening labor market that is making it more hard for employers to find skilled workers and forcing companies to pay more to attract talent.

State officials say MA employers added an estimated 11,400 jobs in January while the unemployment rate held steady at 3.1 percent.

Also on Friday, the federal Bureau of Labor Statistics released nationwide unemployment statics for February.

State leaders were recently touting that Connecticut's economy grew by almost 20,000 jobs in 2018.

The state's labor force participation rate increased one-tenth of a percentage point to 67.9 percent. Government payrolls declined by 5,000 jobs last month. Construction payrolls fell by 31,000 - harsh weather in February could have dragged down those numbers.

Another 500 jobs were lost in trade, transportation and utility and financial activities fell by 300 jobs.

Professional and business services chalked up a 42,000 increase. The education and health care sector added only 4,000 jobs. Retail payrolls fell by 6,100 jobs.

CT adds 1,000 jobs in January. Inflation has been just 1.6% in the past year, according to the Commerce Department.

Construction gained 800 (+0.5%) jobs over the month. "That adds weight to our view that the Fed will not be raising interest rates this year".

The change in temporary help services employment for January was revised from +1,000 to -11,500, and the change for December was revised from +7,900 to +13,500. The manufacturing sector followed with the addition of 600 net jobs.