NEW: U.S. Lost 92,000 Jobs in February

NEW: U.S. Lost 92,000 Jobs in February

 

The U.S. lost 92,000 jobs in February, the Labor Department said Friday, badly missing expectations.

 

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In January, the economy gained 126,000 jobs.

 

Economist has expected the economy to have added 50,000 jobs in February.

 

The Wall Street Journal reports, “The labor market slowed markedly last year, with the U.S. adding the fewest jobs outside of a recession since 2003. That was in part due to the Trump administration’s cuts to the federal workforce through a combination of layoffs and voluntary buyouts, but it also reflected the cautious approach to hiring that many businesses adopted to combat uncertainty about tariffs and other policy measures. Expectations that artificial intelligence could reduce staffing needs might have further cut into hiring plans.”

 

U.S. Senator Elizabeth Warren (D-Mass.), said, “Donald Trump is taking a hammer to the labor market.  The economy lost 92,000 jobs in February alone and unemployment went up.  Since Trump took office, the economy has lost nearly 100,000 manufacturing jobs, long-term unemployment is up, and job openings are falling.  Donald Trump’s failed economic agenda is tanking the job market and making life more expensive for American families.”
 

 

These numbers are before the impact of the U.S. and Israel attack on Iran.

 

Oil prices have spiked over the past week and are expected to create a drag on the U.S. economy.