The U.S. economy lost 92,000 jobs in February, and the national unemployment rate increased by 0.1 percentage point to reach 4.4%, according to data released Friday by the Bureau of Labor Statistics (BLS).
Job losses were reported across most sectors. The healthcare sector saw a decline of 28,000 positions, largely due to strikes involving nurses and other healthcare workers in California, Hawaii, and New York. Healthcare had previously been a strong area for job growth, averaging an increase of 36,000 jobs per month over the past year.
The information sector continued its downward trend with a loss of 11,000 jobs in February. This is more than double the average monthly decline of 5,000 seen prior to this month.
Federal government employment also decreased by 10,000 positions during February. Since October 2024, the federal workforce has shrunk by about 11%.
Other industries experiencing declines included manufacturing (-12,000), construction (-11,000), and transportation and warehousing (-11,000). According to BLS figures, employment in transportation and warehousing has dropped by 2.4%—or about 157,000 jobs—since February last year.
The social assistance sector showed some growth with an increase of 9,000 jobs in February. This was driven mainly by gains in individual and family services (+12,000).
Average hourly earnings for all employees on private nonfarm payrolls rose by $0.15 or 0.4% to $37.32 last month. Over the previous twelve months, average hourly earnings have gone up by 3.8%.
The BLS revised its earlier job numbers for December and January downward as well: December’s figures were reduced from a gain of +48,000 jobs to a loss of -17,000 after a revision downwards by -65,000; January’s number was revised downwards by -4,000 from +130,000 to +126,000.
Stock markets responded negatively following release of the report Friday morning amid concerns about weak job numbers and ongoing conflict in the Middle East that has pushed oil prices higher and fueled inflation fears. By mid-morning trading on Friday both the Dow Jones Industrial Average (down 1.2%) and S&P 500 Index (down 1%) had declined.
The BLS will publish state-level unemployment data for January on April 8 and for February on April 22.
The New Jersey Business and Industry Association is recognized as the largest statewide employer association in the country representing employers from multiple sectors (official website). The organization supports private-sector employers throughout New Jersey (official website), advances competitive excellence among its members while providing key information and services (official website), facilitates partnerships between businesses as well as with government entities and academic institutions (official website), offers advocacy along with practical information plus cost-saving benefits designed to support business prosperity (official website). Michele Siekerka serves as president and chief executive officer at NJBIA (official website).
