U.S. economy loses 92,000 jobs in February as unemployment edges higher |
| The U.S. economy lost 92,000 jobs in February, a sharp miss compared with economists’ expectations for a 50,000 increase and a reversal from January’s gain of 126,000 jobs, according to the Labor Department. The unemployment rate rose slightly to 4.4%, signaling broader weakness across the labor market. Job losses were spread across multiple sectors, including leisure and hospitality down 27,000, healthcare and social assistance down 18,600, manufacturing down 12,000, and construction down 11,000. A large healthcare strike also contributed to the decline in that sector. Jefferies economist Thomas Simons called the report “a perfect storm of temporary drags coming together following an above-trend print in January," adding: “We do not think that this is a harbinger of progressively worse jobs prints coming down the road, but the risk of a downturn has certainly increased.” |
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