Employment Growth Slowing in February 2008

Employment growth nationwide has been slowing down for the last 2 years.

On March 7th the BLS announced that total nonfarm employment in the U.S. declined by 63,000 jobs in February, putting current employment only 0.6% higher than 12 months ago.

CNN reported this as Job losses: Worst in 5 years.

Here's how each industry sector performed:

• Total nonfarm grew 0.6% adding 810,000 jobs
• Natural resources and mining grew 4.6% adding 32,000  jobs
• Construction declined 3.3% losing 234,000  jobs
• Manufacturing declined 2.2% losing 299,000  jobs
• Wholesale trade grew 1.3% adding 79,900  jobs
• Retail trade declined 0.1% losing 20,800  jobs
• Transportation and warehousing grew 0.1% adding 6,300  jobs
• Information declined 0.7% losing 20,000  jobs
• Financial activities declined 1.4% losing 119,000  jobs
• Professional and business services grew 1.3% adding 221,000  jobs
• Educational services grew 3.0% adding 91,500  jobs
• Health care and social assistance grew 2.9% adding 444,800  jobs
• Leisure and hospitality grew 2.5% adding 319,000  jobs
• Government grew 1.1% adding 258,000 jobs

When job growth falls below 1.2% in 12 months, the workforce exceeds the available jobs.