The February job numbers that came out today and were stronger than expected. As MarketWatch reported on Thursday, the expected number of new jobs was 198,000, with unemployment to stay at 3.7%.
Instead, the number of new nonfarm jobs was at 275,000, and yet unemployment rose to 3.9% with the number of unemployment growing by 334,000 to 6.5 million. A year before, the jobless rate was 3.6% and the number of unemployed was 6.0 million.
There's a fundamental mistake to assume that job creation means no other jobs are allowed to be ended. Reuters quoted figures from outplacement firm Challenger, Gray & Christmas that there were 82,307 job cuts in January 2024 and another 84,638 in February. That was the highest number in February since 2009. A significant number came from the technology sector, TechCrunch reported.
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