The US economy shed 92,000 jobs in February, casting further doubts on the resilience of the labor market.
Friday’s figures represent a sharp drop from the 130,000 jobs added in January, denting hopes that the labor market was stabilizing. The unemployment rate edged up to 4.4%. Part of the explanation, Bloomberg wrote, might lie with companies following through on previously announced layoffs, with growing productivity gains giving firms more cover to trim headcount.
The data complicates the Federal Reserve’s rate-cut decision, forcing it to weigh a worsening labor market against inflation concerns, pressures that have only intensified since the US attacked Iran.
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