The steady rise in United States job creation hit a wall in February. According to The Labor Department’s monthly hiring report, an anemic 20,000 new jobs were created.
To put this into context, January payroll gains were revised upwards to 311,000 and we have seen an average monthly gain of 186,000 jobs for the last three months. The current concern is whether this is a temporary setback to record-breaking employment in the U.S. or a foreshadowing of future weakness.
There are valid explanations for the sudden unexpected decline in new job creation. Diane Swonk, chief economist of