Projo Biz Blog

The U.S. unexpectedly lost jobs in February for the second month in a row, reinforcing concerns that the economy is contracting.

The Labor Department reported at 8:30 this morning that the country lost 63,000 jobs in February after a decline of 22,000 jobs in January. Analysts had expected the U.S. to gain jobs in February.

The jobless rate in February declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

Rhode Island's unemployment rate for February will be reported on March 21. The state's rate in January climbed to 5.7 percent, the highest since 1995, with 32,800 people out of work. Rhode Island lost 1,700 jobs in January, reducing the number to 489,100, the lowest job count since June 2004.

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