February's job growth slowed to a crawl with just 20,000 payrolls added, but it is more the result of temporarily sluggish growth and not a sign of recession.
div > div.group > p:first-child"> The shockingly weak report was about 160,000 fewer jobs than economists had forecast, but it follows January's surprisingly strong 311,000 payrolls, which were revised higher by 7,000 workers. The unemployment rate also fell by 0.2 percentage points to 3.8 percent and average hourly wages grew at an annual pace of 3.4 percent.
"Right now, we're still waiting to get enough consistent data so we can assess what's going on. At this point, these numbers don't do that," said Ward McCarthy, chief financial economist at Jefferies."In some respect, it's not dissimilar to the December retail sales numbers that were so weak they weren't believable."
A positive in the report was the so-called 'real' unemployment rate, which fell to an 18-year low of 7.3 percent from 8.1 percent last month. That number includes discouraged workers as well as those holding jobs part time for economic reasons. Also on Friday, housing starts for January were reported to have increased a surprise 18.6 percent, the fastest pace in eight months.
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