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Economy Overview

United States

Report | United States Employment Update - March 2014


February posted another month of below-average job gains and saw national payrolls increase by 175,000. Unemployment, which has slowly been trending downward, registered a small jump of 10 basis points to 6.7 percent after reaching a recovery low in January. While subsectors across the board slowed down in terms of growth, professional and business service (PBS) rebounded after months of stunted expansion. It was responsible for 45.1 percent of February’s job gains, followed by education and health and leisure and hospitality, which have been strong contributors to the recovery of late. It is likely that the abnormally cold temperatures felt over the past two months have had an effect on job growth, particularly in retail trade, which registered its second month of contraction. Government action related to the federal budget and regulatory affairs may spur new job creation and improve corporate confidence heading into the second quarter of 2014.

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