March 9, 2007 (Jobs Byte)
Economy Adds 97,000 New Jobs, but Hours Fall
Jobs Byte by Heather Boushey
For Immediate Release: March 9, 2007
Contact: Lynn Erskine, 202-293-5380 x115
The share of the population with a job fell even as unemployment remains steady.
The unemployment rate remained unchanged at 4.5 percent and the economy
added 97,000 jobs in February. With revisions, the economy has added an
average of 156,000 jobs per month for the past three months, about
average for this economic recovery.
Construction shed 62,000 jobs in February. The
losses were spread across both residential and non-residential
specialty contractors, indicating that they are likely due to the
severe weather around the nation that limited construction activities
during the survey week. However, residential specialty trade
contractors have lost 128,000 jobs over the past year, so February’s
losses are not just a one-month aberration. Job losses also occurred in
manufacturing, which shed 14,000 last month for a total of 97,000 over
the past year.
The job losses in the goods-producing sector were tempered by gains in
the service-producing sector, which added 168,000 new jobs last month.
Government added 39,000 jobs last month, which is higher than average,
and much of that hiring was in state education. However, temporary help
lost l2,000 jobs last month and has been flat for the past year.