U.S. job growth likely slowed to a five-month low in February as the weather-rel...
WASHINGTON - U.S. job growth likely slowed to a five-month low in February as the weather-related boost in the prior two months faded, workers became more scarce and tighter financial conditions began to weigh on the labor market.
The U.S. Labor Department’s closely watched monthly employment report on Friday could show moderation in employment growth, in line with a slowing economy that in July will mark 10 years of expansion, the longest on record. It is likely to support the Federal Reserve’s “patient” approach toward further interest rate increases this year.
“We are due for some pay back after strong job growth over the last couple of months,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “I also think the timing is right for the tightening in financial market conditions last year to begin to affect the employment data.”
“The labor market has been surprisingly strong and not consistent with the rest of the economy, in part because of people rejoining the labor force,” said Sung Won Sohn, chief economist at SS Economics, Los Angeles. Still, job gains are expected to remain well above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate is forecast dropping one-tenth of a percentage point to 3.9 percent in February.
Average hourly earnings are forecast to have risen 0.3 percent in February, partly because of a calendar quirk, after gaining 0.1 percent in January. That would raise the annual increase in wages back to 3.3 percent from 3.2 percent in January. Overall, wage inflation remains moderate.
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