The US economy lost 92,000 jobs in February while the unemployment rate rose to 4.4%, reflecting weakness in key sectors despite stronger-than-expected wage growth.
The US economy lost 92,000 jobs in February, marking the third payroll decline in five months, according to the Bureau of Labor Statistics. The unemployment rate rose slightly to 4.4% as job losses were recorded across sectors including health care, manufacturing, transportation, and federal government employment.
The decline was partly attributed to severe winter weather and a major strike at Kaiser Permanente that affected more than 30,000 workers. Despite the weak labour data, wages rose more than expected, with average hourly earnings increasing by 0.4% for the month and 3.8% year-on-year, while economists warned the figures could signal rising risks to the US economic outlook.