U.S. payrolls unexpectedly decreased by 92,000 in February, according to the latest Jobs Report released by the Bureau of Labor Statistics on Friday.
The unemployment rate rose to 4.4%.
Nonfarm payrolls dropped by 92,000 for the month, compared to the estimate of 50,000 and below the downwardly revised January total of 126,000.
February was the third month in five that payrolls fell, after a significant revision indicating a 17,000 decrease in December.
Health care, the main driver of payroll growth, lost 28,000 jobs, mainly due to a strike at Kaiser Permanente that sidelined more than 30,000 workers in Hawaii and California. Although the strike has since been resolved, it occurred during the BLS survey week, which lowered the overall job count.
Information services lost 11,000 jobs, bringing the sector’s 12-month total to an average of 5,000 per month.
Federal government employment also declined, down by 10,000 for the month.
Transportation and warehousing also experienced a decline of 11,000.
Social assistance was one of the few sectors to report a gain, increasing by 9,000.
By CEO NA Editorial Staff
