US chems, plastics lose jobs in Feb as unemployment holds at 9.7%

05 March 2010 15:34  [Source: ICIS news]

HOUSTON (ICIS news)--Jobs in the US chemicals and plastics industries each dipped in February as the overall US unemployment rate held at 9.7% for a second consecutive month, the Labor Department said on Friday.

The US chemical sector posted a seasonally-adjusted loss of 3,900 jobs, down 0.5% from January and lowering the workforce total to 786,900.

That figure is a 4% decline from the 819,600 employed in February 2009, near the peak of the recession.

Meanwhile, jobs in the plastics and rubber sector dropped by 700, down 0.1% from January as the number of employed sunk to 622,100.

That number is down 4.9% from the 654,200 employed in February 2009.

Overall, US non-farm payroll employment dropped by 36,000, led by weakness in the construction and information industries, the Labor Department said. Moreover, multiple bouts of severe winter weather may have impacted employment and hours, the department said.

However, the 36,000 jobs lost were better than analysts’ predictions of about 68,000, according to reports.

In the broader US manufacturing industry, employment jumped by about 1,000 jobs, as small job gains in several component industries were offset by the job losses in chemicals and in motor vehicles and parts, the department said. The gain of 1,000 is down from a gain of 20,000 in January.

Both the manufacturing and construction sectors are crucial end-use markets for many chemicals and plastics.

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By: Ben DuBose
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