Mixed Signals for Job Market: Industries Losing Jobs While Some Workers See Pay Increase

The US job market has been strong, but a historic surge in employment is showing signs of petering out. The percentage of industries adding positions averaged in the 70s, but in February, the portion of industries adding jobs fell to 56%, the lowest share since April 2020. Industries particularly sensitive to Fed rate hikes have lost jobs, such as technology and housing. If the share of industries growing jobs in March remains weak or declines further, it could be a hint of further trouble ahead.