February Jobs: Another Robust Report
TROY (WWJ) – More people are going back to work across the nation. Employers added 227,000 jobs last month, but unemployment held steady at 8.3 percent. The U.S. economy has now generated an average of 245,000 jobs a month in the past three months.
WWJ Business Editor Murray Feldman says a closer look at the numbers shows while some employers are hiring, others are cutting back.
“Consumer products companies have cut three-fold the number of jobs this year so far as they did last year,” said Feldman. “There have been cuts in the transportation industry – up six-fold. Airline consolidation is part of that.”
He said large financial service firms cutting back but the smaller ones are adding staff.
Feldman said some Detroit-area businesses are hiring.
“Flagstar Bank plans to hire 250 people this year to handle mortgage operation at a newly renovated office in Troy. ”So, that means more jobs,” said Feldman. ”They’re expecting the housing industry to do well. When the housing industry does well it ripples into other areas of the economy,” he said.
Feldman said other local service firms also plan to add more workers.