U.S. Economy Adds 273K Jobs in February, Unemployment at 3.5%

Friday, March 06, 2020

GoLocalPDX Business Team

The United States economy added 273,000 jobs in the month of February, while unemployment remained at 3.5%, announced the United States Department of Labor on Friday.

“Jobs, jobs, jobs,” tweeted President Donald Trump on Friday morning.

According to CNBC, economists surveyed by Dow Jones had been expecting payroll growth of 175,000 and an unemployment rate of 3.5%.

The job numbers show little impact from the early stages of the coronavirus.

U.S. Adds Jobs

According to the Department of Labor, notable job gains occurred in healthcare and social assistance, food services and drinking places, government, construction, professional and technical services, and financial activities.

In February, employment in healthcare and social assistance increased by 57,000, while food services added 53,000 jobs.

Government and construction added 45,000 and 42,000 jobs respectively.

The labor force participation rate remained at 63.4 percent in February.

Unemployment Breakdown

According to the Department of Labor, the unemployment rate for Asians declined to 2.5% in February. The rates for adult men was 3.3%, adult women 3.1%, teenagers 11%, Whites 3.1%, Blacks 5.8%, and Hispanics 4.4%.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.1 million, changed little in February and accounted for 19.2 percent of the unemployed.