Private employers added 117,000 jobs in February, according to today’s National Employment Report from ADP. The ADP report leads into Friday’s Labor Department report on the job market. The Labor Department report will include jobs gains or losses in the public sector that has been hit hard by the pandemic. Economists had projected that the ADP survey would show private payrolls adding 165,000 jobs in February.
U.S. economy adds just 49,000 jobs in January, below economist projections for 100,000 gain–and the economy is showing clear signs of stalling
The U.S. economy gave new signs that the recovery has stalled. Today, February 5, the Bureau of Labor Statistics reported that the U.S. economy added just 49,000 jobs in January. Economists surveyed by Bloomberg had expected the economy to add 100,000 jobs in the month. The government statisticians also revised downward the jobs performance of the economy November and December. In December the revised figures say, the economy lost 227,000 jobs rather than the initially reported 140,000. In November the economy created 72,000 fewer jobs than first reported.
Th Standard & Poor’s 500, the Dow Jones Industrial Average, and the NASDAQ Composite all hit all time closing highs today. It’s enough to make you doubt that the U.S. economy added only 245,000 jobs in November. This was a huge miss on projections from economists the the economy would add 450,000 jobs. That projection would have itself been bad news since it would have confirmed trends that show the economic recovery losing momentum under the impact of the current surge in coronavirus infections, hospitalizations, and deaths. November was the slowest month for job growth since the pandemic shut down the economy in the spring.
For the week ended November 14, 742,000 workers filed new claims for unemployment in regular state programs. That was an increase of 31,000 from the prior week. The increase was the first in five weeks.