A fresh report on U.S. employment has shown a far worse result than expected, leading to concerns about the nation's job market.
In recent months, the Federal Reserve has cut interest rates in an attempt to stimulate the job market, but the approach might not be having the success officials had hoped for.
Mitch McCann reports.
IN:
OUT:
DUR:
CLIP:
Economists had forecast that the U.S. would gain 50,000 jobs in February, but Friday's data from the Bureau of Labor Statistics showed it actually lost 92,000, another sign the job market is struggling. At the same time, the country's unemployment rate rose to 4.4 percent.
Healthcare, which usually shows strong hiring growth, was down in February, losing 28,000 jobs largely because of strike action at the healthcare group Kaiser Permanente. Meanwhile, jobs also fell in the information sector and in the federal government.
Despite the data, a rate cut at the Federal Reserve's next meeting is reportedly unlikely amid concerns about inflation. Officials will be closely monitoring oil prices and how higher energy costs may filter through to a number of sectors of the economy.
In recent months, the Federal Reserve has cut interest rates in an attempt to stimulate the job market, but the approach might not be having the success officials had hoped for.
Mitch McCann reports.
OUT:
DUR:
CLIP:
Healthcare, which usually shows strong hiring growth, was down in February, losing 28,000 jobs largely because of strike action at the healthcare group Kaiser Permanente. Meanwhile, jobs also fell in the information sector and in the federal government.
Despite the data, a rate cut at the Federal Reserve's next meeting is reportedly unlikely amid concerns about inflation. Officials will be closely monitoring oil prices and how higher energy costs may filter through to a number of sectors of the economy.
MM NY
Mitch McCann
New York
Feature Story NewsNew York
(+1) 929 530 9071