News / Economy

US Economy Added 175,000 Jobs in February

US Employers Add 175K Jobs in February Despite Harsh Weatheri
|| 0:00:00
...
 
🔇
X
Mil Arcega
March 07, 2014 10:22 PM
The U.S. economy continues to show signs of resilience. Despite severe winter conditions last month, employers added 175,000 jobs, picking up the pace of hiring after two months of sluggish job growth. As Mil Arcega reports for VOA, though, others worry the U.S. labor pool is getting smaller.

Related video report by Mil Arcega

Ken Bredemeier
U.S. employers added 175,000 jobs in February, picking up the pace of hiring after two months of sluggish job growth.

A senior economist at the country's biggest bank, James Glassman at JPMorgan Chase, tolds VOA the advance in the labor market last month is a favorable sign for the world's largest economy. That is especially so, he said, after an unusually cold and snowy winter in the U.S. limited job growth in December and January.

"The February report tells you we may see better numbers in the next couple months as we get back to something more normal," he said.

The U.S. Labor Department reported Friday that the unemployment rate edged slightly higher to 6.7 percent in February. Glassman said that may be a good indicator, though, that frustrated jobless workers are more optimistic about the economy and have resumed their search for employment, even if they have yet to find a new job.

"If the unemployment rate's going up because people are coming back into the market looking, then that's a good sign, frankly," he said. "I think for a while we shouldn't really view a rise in the unemployment rate as a negative if it accompanies an increase in the labor force, because it means that something must be going on. People must be hearing there are opportunities."

There are 10.5 million unemployed workers in the U.S., and more than a third of them have been out of work for six months or longer.

The U.S. jobless rate has been steadily declining over the last four-plus years as the country recovers from its worst downturn since the Great Depression of the 1930s.

Economists have noted that some of the improvement in the unemployment rate, however, has occurred because thousands of frustrated job seekers have been unable to find work and dropped out of the labor market, and thus are not counted by the government as unemployed.

Even as U.S. stock market indexes have soared to new highs, many American businesses have been reluctant to significantly boost their payrolls. Employers added only 129,000 jobs in January and 84,000 in December, after averaging 189,000 over the past year.

The country's central bank, the Federal Reserve, is watching the U.S. economic trends to see whether it should continue to trim its direct support of the American economy. Last year, the Fed had been buying $85 billion worth of securities a month in an effort aimed at keeping long-term interest rates low and boosting job growth, but now has cut the figure to $65 billion.

Fed policy makers, including new chair Janet Yellen, are meeting again later this month. Glassman said he thinks the Fed will continue to cut its asset purchases and end them in late 2014.

You May Like

Is Air Travel Safe?

Aviation expert says despite tragic losses of Malaysian Airlines flights 370 and 17, industry experienced lowest fatality rate in recorded history last year More

Multimedia 100 Days Later, Nigerian Girls Still Held

Activists holding rallies in Nigeria and several other countries to mark 100th day of captivity for more than 200 schoolgirls being held by Boko Haram More

Chocolate Too Bitter? Swap Sugar for Mushrooms

US food technology company develops fermentation process using mushrooms to reduce bitterness in cocoa beans, believes it will cut sugar content in candy More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Carriers Suspend Travel to Israeli
X
Carolyn Presutti
July 23, 2014 1:21 AM
The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video US Carriers Suspend Travel to Israel

The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video NASA Focuses on Earth-Like Planets

For decades, looking for life elsewhere in the universe meant listening for signals that could be from distant civilizations. But recent breakthroughs in space technology refocused some of that effort toward finding planets that may harbor life, even in its primitive form. VOA’s George Putic reports on a recent panel discussion at NASA’s headquarters, in Washington.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video US Awards Medal of Honor for Heroics in Bloodiest of Afghan Battles

U.S. combat troops are withdrawing from Afghanistan, on pace to leave the country by the end of this year. But on Monday, U.S. President Barack Obama took time to honor a soldier whose actions while under fire in Afghanistan earned him the Medal of Honor. VOA's Jeff Seldin has more from the Pentagon.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.