U.S. Payrolls Shrink by 92,000 in February as Unemployment Ticks Up to 4.4%

Overview

• Analysts had expected a gain of about 50,000 jobs, making the payroll loss a negative surprise.
• Average hourly earnings rose 0.4% on the month to $37.32 and 3.8% year over year, slightly above forecasts.
• Revisions reduced prior gains by a net 69,000 jobs, with December now a 17,000 loss and January a 126,000 increase.
• Chicago Fed President Austan Goolsbee called the report a big disappointment and said uncertainty argues for waiting on rate moves.
• San Francisco Fed President Mary Daly said hopes for labor‑market stabilization look premature, while White House adviser Kevin Hassett urged focusing on the Jan-Feb average and noted weather effects on February data.