It’s cold out there

8 March 2013 By Martin Hutchinson

Job gains in February were solid and the unemployment rate fell to 7.7 pct, suggesting a degree of austerity isn’t derailing growth. But labor force participation sank to match last August’s three-decade low. A long trough has left many Americans disconnected from the upturn.

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U.S. nonfarm employment rose by 236,000 on a seasonally adjusted basis in February, according to a March 8 report from the Bureau of Labor Statistics. The unemployment rate fell by 0.2 percentage point to 7.7 percent. December and January figures were revised down by a net 15,000 jobs. The labor force participation rate fell 0.1 percentage point to 63.5 percent, matching the recent low point in August last year, which was the lowest reading since 1981.
Professional and business services added 73,000 jobs in February, construction added 48,000 positions, healthcare 32,000, information 20,000 and retail trade 24,000 jobs. Government employment declined 10,000.

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