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u.s. Lost 92,000 Jobs Last Month as Unemployment Rose
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.
44 Articles
44 Articles
Economy shows signs of strain as war brings more uncertainty
A disappointing jobs report shows that employers cut 92,000 jobs in February. The report also included downward revisions for the previous two months and a slight rise in the unemployment rate. It paints a picture of a labor market struggling across several sectors, including some that were engines of recent growth. Amna Nawaz discussed more with Diane Swonk, chief economist at KPMG.
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U.S. lost 92,000 jobs last month as unemployment rate ticked up to 4.4%
American employers unexpectedly cut 92,000 jobs last month, a sign that the labor market remains under strain. The unemployment rate blipped up to 4.4%. Hiring deteriorated from January, when companies, nonprofits and government agencies added a healthy 126,000 jobs, the Labor Department reported Friday. Economists had expected 60,000 new jobs…
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