In this Monday, Feb. 25, 2013 photo, Ann Oganesian, left, of Newton, Mass., pauses as she speaks with a State Department employee about job opportunities with the federal government during a job fair in Boston. U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts. (AP Photo/Michael Dwyer)
-
In this Monday, Feb. 25, 2013 photo, Ann Oganesian, left, of Newton, Mass., pauses as she speaks with a State Department employee about job opportunities with the federal government during a job fair in Boston. U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts. (AP Photo/Michael Dwyer)
-
In this Monday, Feb. 25, 2013 photo, Sayed Mouawad, right, of Providence, R.I., gestures while speaking to a company representative during a job fair in Boston. U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts. (AP Photo/Michael Dwyer)
-
In this Monday, Feb. 25, 2013, photo, Sayed Mouawad, left, of Providence, R.I., shakes hands with Jillian Wallace of Matix, Inc., during a job fair in Boston. The number of people seeking U.S. unemployment aid fell to a seasonally adjusted 340,000 in the week ended March 2, driving down the four-week average to its lowest level in five years. (AP Photo/Michael Dwyer)
-
In this Wednesday, Jan. 16, 2013, photo, perspective job seekers talk with employers during a job fair in Cuyahoga Falls, Ohio. The number of Americans seeking unemployment aid jumped last week, though the increase mostly reflected difficulties the government has seasonally adjusting its numbers. Applications are still at levels signaling modest hiring. (AP Photo/Tony Dejak)
-
In this Tuesday, Jan. 15, 2012, photo, Norma Urbario, left, and America Rodriguez stand in line, holding their resumes, during the job fair that the Miami Marlins hosted at Marlins Park in Miami. The number of Americans seeking unemployment aid jumped last week, though the increase mostly reflected difficulties the government has seasonally adjusting its numbers. Applications are still at levels signaling modest hiring. (AP Photo/J Pat Carter)
-
In this Jan. 15, 2013, photo, Racheel Weston, stood in line with a few hundred other job seekers, during the job fair that the Miami Marlins hosted at Marlins Park in Miami. The number of Americans seeking unemployment benefits fell last week to the lowest level in five years, a positive sign that layoffs have fallen and hiring may pick up. (AP Photo/J Pat Carter)
-
In this Thursday, Jan. 10. 2013, photo, Business management student Matthew Brathwaite, 22, originally from Jamaica, middle, applies for a overnight logistics position at a Target job fair in Los Angeles. The number of Americans seeking unemployment benefits fell last week to the lowest level in five years, a positive sign that layoffs have fallen and hiring may pick up. (AP Photo/Damian Dovarganes)
-
In this Wednesday, Dec. 12 2012 photo, a poster advertising employment opportunities is photographed during a job fair in New York. U.S. employers advertised about the same number of jobs in November as in October, suggesting hiring will stay modest over the next few months. (AP Photo/Mary Altaffer)
-
In this Thursday, Oct. 11, 2012, photo, a panel of Spirit Airlines employees make notes and listen as applicant Anthony Williams, top right, addresses a room full at a Flight Attendant Open House, in Dallas. The airline announced that it is hiring 250 positions that include flight attendants, pilots and mechanics to be based out of its newly announced crew base at Dallas-Fort Worth International Airport. U.S. employers advertised more job in October than September, a hopeful sign that hiring could pick up in the coming months. (AP Photo/Tony Gutierrez)
-
In this Thursday, Oct. 11, 2012, photo, Nicole Clark, center smiling, of Frisco, Texas, smiles as she and other applicants listen to Spirit Airlines company representatives address the group during a Flight Attendant Open House, in Dallas. The airline announced that it is hiring 250 positions that include flight attendants, pilots and mechanics to be based out of its newly announced crew base at Dallas-Fort Worth International Airport. U.S. employers advertised more job in October than September, a hopeful sign that hiring could pick up in the coming months. (AP Photo/Tony Gutierrez)
-
FILE - In this Monday, Oct. 15, 2012 photo, Charlie Kline, left, works on a machine affixed with a "Made in the U.S.A." plate at the FesslerUSA apparel manufacture in Orwigsburg, Pa. The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years. But economists believe a steady housing rebound and solid spending by consumers and businesses are pushing growth higher in the current quarter. (AP Photo/Matt Rourke, File)
-
FILE- In this Tuesday, Dec. 4, 2012, file photo, shipping containers are seen as port operations are halted during a strike at the Port of Los Angeles. The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years. But economists believe a steady housing rebound and solid spending by consumers and businesses are pushing growth higher in the current quarter. (AP Photo/Nick Ut, File)
Steady US job gains likely continued in February
WASHINGTON (
AP) — Job growth probably continued at a modest but steady pace last month, buoyed by consumer spending and strength in the housing and auto industries.
Economists forecast that employers added 152,000 jobs in February, according to a survey by FactSet, about the same as in January. The unemployment rate likely dipped to 7.8 percent from 7.9 percent.
The Labor Department is scheduled to release the jobs report at 8:30 a.m. EST Friday.
More hiring is needed to swiftly reduce the unemployment rate, which has been stuck at 7.8 percent or above since September. Job gains of at least 100,000 a month are needed just to keep up with population growth and prevent the unemployment rate from rising.
From November through January, monthly job growth has averaged 200,000, up from 150,000 for the previous three months. Most economists expect job gains of about 180,000 a month this year. That's about the same as last year, when the rate fell 0.7 percentage point.
Some analysts say the snowstorm that struck several Northeast states in early February might have held down hiring last month by about 30,000. Others note that the storm hit on a weekend and might not have kept that many people from work.
Several other reports this week have raised hopes that hiring could soon accelerate.
A four-week average of applications for unemployment aid fell to its lowest level in five years. Applications are a proxy for layoffs. When they fall, it suggests that companies are cutting fewer jobs. More hiring may follow.
And payroll services provider ADP said its survey showed that businesses added 198,000 jobs in February, above most analysts' expectations. And January's hiring was revised higher by 23,000 to 215,000.
Small businesses have stepped up hiring in the past two months after lagging behind hiring by bigger companies since the recession ended in June 2009.
Services firms, including retailers, restaurants and construction companies, added jobs at a healthy pace in February, according to the Institute for Supply Management's monthly survey. An index of hiring by service companies slipped but remained near January's seven-year high.
The ISM's manufacturing survey found that factories also added workers in February, though more slowly than in January.
Strong auto sales and a steady housing recovery are spurring hiring and economic growth. So far, higher gas prices and a Jan. 1 increase in Social Security taxes haven't caused Americans to cut back on big-ticket purchases.
Across-the-board government spending cuts also kicked in March 1 after the White House and Congress failed to reach a deal to avoid them. Those cuts will likely lead to furloughs and layoffs in coming weeks.
New-home sales jumped 16 percent in January to the highest level since July 2008. And builders started work on the most homes last year since 2008.
Home prices rose by the most in more than six years in the 12 months that ended in January. Higher prices tend to make homeowners feel wealthier and more likely to spend.
Tags:
factset, jobs, labor department, supply management, unemployment rate, government spending cuts, economics, work, minimum wage, percent, highest level, economic growth, higher prices, companies, job growth, monthly survey, jobless recovery, construction companies, business, lowest level, inflation, white house, analysts, small businesses, recession, great depression, survey, economists, hiring, percentage point, consumer spending, layoffs, macroeconomics, social security taxes, home prices, applications, four-week average, population growth, fewer jobs, job gains, snowstorm, service companies, bigger companies, higher gas prices, steady pace, unemployment aid, services firms, strong auto sales, big-ticket purchases, new-home sales, est friday, steady housing recovery, monthly job growth, auto industries, northeast states, healthy pace, services provider adp, steady us job
Print Page
