Employment fell by 36,000 jobs in February, according to today's preliminary report from the Bureau of Labor Statistics, citing severe winter storms as a factor in reducing payroll employment. Consensus estimates had predicted a loss of 50,000 jobs. The largest job losses were in construction and information, while temporary help again added jobs. The economy has shed 8.4 million jobs since the start of the recession in December 2007.
Along with the preliminary report for February, the BLS issued its Final Estimate of job losses for December at a loss of 109,000 jobs, up 41,000 from its revised estimate of 150,000. It lowered its January preliminary estimate down 6,000 jobs for a revised loss of 26,000 jobs. One more revision for January may still occur.
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The unemployment rate held steady at 9.7 percent; consensus estimates had expected it to climb slightly to 9.8 percent.
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