U.S. employers cut a smaller than expected 36,000 jobs in February, leaving the unemployment rate steady at 9.7 percent, bolstering views the labor market was on the brink of creating jobs.
The White House on Friday blamed February snowstorms for a labor report showing employers cut 36,000 jobs last month and said a pattern of stabilization and gradual healing is in fact taking place.
White House senior economic adviser Christina Romer said in a statement that the overall trajectory of the U.S. economy appears to be continuing to improve although there will be bumps on the road.
The Labor Department report showed the percentage of Americans without a job last month at 9.7 percent, identical to the January figure.
Echoing a view from many analysts in recent weeks, Romer said: "The large snowstorms in the Mid-Atlantic region in mid-February likely had a substantial negative impact on this number."
This is a contrast from the majority of economic analyst's expectations. Even with the snow storm that blanketed much of the Northeast (and shut down DC), the unemployment rate held strong signaling some upward pressure in the labor market. Of course the census has provided a helping hand, but in the coming months i expect job creation to gain some serious momentum (especially with a jobs bill or three )