Summary
The U.S. lost 92,000 jobs last month, and the unemployment rate rose to 4.4%. The job market showed unexpected weakness after a stronger January, influenced by multiple factors, including high interest rates and a recent war.
Key Facts
- The U.S. cut 92,000 jobs last month.
- The unemployment rate increased to 4.4%.
- Economists had expected 60,000 new jobs in February.
- Revisions decreased job numbers by 69,000 for December and January.
- Job losses occurred in construction, healthcare, manufacturing, restaurants, and bars.
- Financial firms added 10,000 jobs last month.
- Average hourly wages increased by 0.4% from January and 3.8% from a year ago.
- The current war with Iran adds uncertainty to the job market.
