Payrolls Decline; Unemployment Dips to 4.8%
U.S. payrolls declined in February for a second straight month, and the unemployment rate dipped to 4.8% from 4.9%, the Labor Department said Friday.
The 63,000 decline in jobs was the biggest in almost five years, Labor said, and followed a 22,000 decline in January. January was the first time payrolls declined since 2003.
The unemployment rate fell because of a shrinking labor force as some people gave up looking for work, Bloomberg reported.
Manufacturers’ payrolls fell by 52,000, the biggest decline since July 2003. Service industries added 26,000 workers, though retail payrolls fell by 34,000, the biggest drop in more than five years.
The unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.
