February Jobs Report: U.S. Economy Adds 175,000 New Jobs
March 7, 2014 by UPI - United Press International, Inc.
WASHINGTON (UPI) — The U.S. economy added 175,000 jobs in February, and the unemployment rate crept up to 6.7 percent from 6.6 percent, the Bureau of Labor Statistics reported.
Employment increased in professional and business services and in wholesale trade but declined in the information sector, the bureau said Friday.
Employment figures for the last two months also were revised, showing another 25,000 jobs were created in December and January than previously forecast.
The number of unemployed persons, 10.5 million, was unchanged, data indicated.
The bureau said the jobless rate showed little movement since December.
Jobless rates for the major worker groups showed little or no change in February, data indicated.
The number of long-term unemployed — those jobless for 27 weeks or more — rose by 203,000 in February to 3.8 million, the bureau said, accounting for 37 percent of the unemployed.
In its release, the bureau said severe winter weather occurred in much of the country during
the February reporting period, which could result in a reduction in average weekly hours.
Jason Furman, White House Council of Economic Advisers chairman, said February was the 48th straight month of private-sector job growth, with businesses adding 8.7 million jobs over that time.
“Despite a major snowstorm that hit the East Coast during the reference week for the labor market surveys, the rate of job growth picked up from the December and January pace,” Furman said in a statement. “Nevertheless, the unemployment rate remains elevated, and for too many Americans, wages have been slow to rise.”