News / USA

US Monthly Unemployment Rate Holds Steady

Multimedia

Audio
  • P. Westpheling talks to Mark Zandi, chief economist for Economy.com, about the jobs report

The U.S. unemployment rate held steady at 9.7 percent in February. Fewer jobs were lost than many economists had feared, but the statistics show that many companies don't have enough faith in an economic recovery to start hiring now.

The U.S. Bureau of Labor Statistics says the economy lost 36,000 more jobs last month than it created. Many analysts see it as good news, because the expectation was for a loss double that figure.

That expectation was largely based on two recent blizzards that shut down many businesses in the Philadelphia and Washington areas. But the bureau says it's not clear how much the storms affected unemployment, because many of the people who couldn't get to work are still counted as employed.

Still, the latest figures interrupt a trend of gradual improvement in recent months. And the U.S. Bureau of Labor Statistics says a total of 14.9 million Americans are still out of work.

"The U.S. economy may be in a recovery mode, but the labor market is still doing poorly," said John Lonski, an analyst at Moody's Investors service.

But officials remain optimistic. In a speech just before the latest job figures were released, the president of the Federal Reserve Bank of Chicago, Charles Evans, said employment is often the last thing to recover in a recession. Many businesses slash payrolls, he said, and try to keep a lean staff even as output levels begin to recover.

"But I think many businesses already are finding that they can take lean production only so far," he added.

At a recent jobs fair in New York, many people clung to the hope of finding a job soon. Banker David Gereb lost his job three months ago.

"Depending who you listen to - some people say it's getting worse, some say it's getting better, just cross my fingers that I get a job soon," Gereb said.

The United States is enduring the worst rise in unemployment of any economic slowdown since World War II. More than 8.5 million jobs have been lost since the recession began a little over two years ago.


Jerome Socolovsky

Jerome Socolovsky is the award-winning religion correspondent for the Voice of America, based in Washington. He reports on the rapidly changing faith landscape of the United States, including interfaith issues, secularization and non-affiliation trends and the growth of immigrant congregations.

You May Like

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

Judge Declares Washington DC Ban on Public Handguns Unconstitutional

Ruling overturns capital city's prohibition on carrying guns in pubic More

Pricey Hepatitis C Drug Draws Criticism

Activists are using the International AIDS Conference to criticize drug companies for charging high prices for life-saving therapies 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.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
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.

AppleAndroid