US EditionUS Lost 92,000 Jobs in February, Prior to War-Related Oil Price Surge
Job losses were widespread across sectors including health care, construction, and leisure, driven by strike activity and federal payroll cuts, reflecting economic pressures noted by the Federal Reserve.
- Friday, the U.S. Labor Department reported the United States shed 92,000 jobs last month, reversing January's 126,000 gain, while the unemployment rate crept up to 4.4 percent.
- A sector breakdown shows the health care sector fell due to strike activity, construction lost 11,000 jobs, manufacturing shed 12,000, leisure and hospitality dropped by 27,000, and the federal government continued cutting jobs.
- Economists noted a sharp slowdown in job growth this month, with employers appearing restrained, and Schumer said `Tariffs are increasing costs, gas prices are spiking, and jobs are evaporating`.
- The data increase pressure on the Federal Reserve to consider, as February's figures could bolster the case for rate cuts amid conflicting pressures from a hurting labor market and rising energy and food prices following the war in the Middle East.
- Longer-Term, analysts say investors focus on inflation risks from the war after US-Israeli strikes triggered Iranian retaliation, while Kathy Bostjancic called the report weaker than the 'muted gains' expected and said the 'turned a corner' idea implodes.
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35 Articles
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The number of jobs in the U.S. economy fell last month, an unexpected contract that reiterated questions about the possibility of the US labour market destabilizing, according to the BBC.
American Economy Much Stronger Than Jobs Report Suggests
by Alfredo Ortiz at CDN - Friday’s jobs report showed 92,000 positions were lost in February, sending the stock market falling. The unemployment rate rose to 4.4%, and the labor force participation rate fell to 62.0%. However, February job loss is due to several factors that don’t reflect the strength of the underlying small-business economy. Mainly, the worst winter storm since 1996 paralyzed the Northeast, trapping … Click to read the rest HER…
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