February employment data published in the Bureau of Labor Statistics is alarming. Below are 5 key reasons.
- Only 20,000 jobs added in Feb is the lowest since September 2017.
- Jobs addition fell far below several estimates. For example, institutions like Refinitiv and Marketwatch had estimated over 170,000-180,000 jobs.
- Construction, a key sector lost 31,000 jobs. (The sector had added over 50K jobs in January.)
- Manufacturing added just 4K jobs. This figure is 1/5th of the average monthly addition over the year.
- The jobs gain of February is just 6% of the January gain.