Economy
March 12, 2019
BLS: Net Job Creation Through February 2019
Written by Peter Wright
February’s employment report was not all bad news in spite of the surprisingly low job creation result.
Net job creation in February at first glance was terrible, but our analysis of Friday’s reported by the Bureau of Labor Statistics (BLS) was not so bad. Job creation in February, at just 20,000, was far below economists’ expectations and the 311,000 jobs created in January. January was revised up by 7,000 and December up by 5,000. Rising employment and wages are the main contributor to GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore, this is one of the indicators that helps us understand the reality of the steel market.
