BREAKING: Hiring jumped in February as employers added 273,000 jobs, evidence that the economy was in strong shape before the coronavirus began to sweep through the U.S. The unemployment rate fell to 3.5%, matching a 50-year low, down from 3.6%.
FILE - In this Tuesday, June 4, 2019, file photo, managers wait for job applicants at the Seminole Hard Rock Hotel & Casino Hollywood during a job fair in Hollywood, Fla. U.S. businesses added 183,000 jobs in Jan. 2020, a solid gain that shows the economy was largely healthy when the coronavirus outbreak spread further around the globe. Large companies added roughly two-thirds of the jobs, while hiring among smaller firms was relatively weak.
The Labor Department said Friday that the unemployment rate fell to 3.5%, matching a 50-year low, down from 3.6% in January. If employers were to start slashing jobs as a consequence of the virius, it could significantly escalate the economic damage. For that reason, a range of job market barometers will provide some of the most vital signals about how the economy is withstanding the virus’ impact.
Before the viral outbreak struck China, shutting factories and causing shortages of parts and final products for U.S. manufacturers and retailers, the economy was expanding at a steady pace. Annual growth was 2.1% in the final three months of last year. The timeliest gauge of layoffs is the government’s weekly report on applications for unemployment benefits. People who are laid off are eligible for the aid. The latest data, issued Thursday, was reassuring: It showed that the number of people seeking unemployment benefits dropped 3,000 to 216,000 in the week that ended Feb. 29. That is roughly the same as the average over the past month and is a very low level historically.
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