Economics
U.S. Payrolls Shock Suggests Dawn of a Long-Forecast Slowdown
- Weakest job growth since 2017 missed all economist estimates
- Wage gains signal tighter labor market still benefits workers
This article is for subscribers only.
The U.S. labor market may not be as weak as February’s payrolls number suggested, but the report provides a reality check that a long-forecast slowdown is arriving.
Employers added 20,000 jobs during the month, the fewest since September 2017, missing all economist estimates and bucking a recent trend of strong February readings. Analysts said the unexpectedly low figure doesn’t mean conditions rapidly deteriorated -- citing weather effects and payback from outsize gains in prior months -- but they pointed to the likelihood of a moderation in job gains this year as economic growth cools.