February Jobs Report Better Than Expected: Economy Adds 175K Jobs Despite Hellish Weather
Despite economists predicting that the harsh February weather would slow job growth and prevent people from looking for jobs or buying anything, the latest jobs report from the Department of Labor had some encouraging news: last month, the US economy added 175,000 jobs, up from 129,000 jobs added in January.
According to the AP, the unemployment rate ticked up slightly, from 6.6% to 6.7%, but more people have begun searching for jobs.
Initially, economists were certain that job creation would be sluggish because it was just too freaking cold outside, but this report is a cause for optimism, says CNN’s Christine Romans. However, she cautions people to observe the quality versus the quantity of new jobs: “Two-thirds of the jobs created have been lower-wage jobs, [and] we had retail jobs lost…[but] 175 is enough to absorb the new entrants into the job market.”
Watch her explain below, via CNN:
Have a tip we should know? firstname.lastname@example.org