US employers added 151,000 jobs in February and the unemployment rate ticked up to 4.1%, signaling hiring has remained relatively steady in the first full month of jobs data from the Trump administration.
The figures came in below expectations of 160,000 jobs, but still represented an increase from January’s underwhelming 143,000 jobs amid the California wildfires and intense snowstorms.
Friday’s data extended a streak of job growth to 50 months, according to the Bureau of Labor Statistics.
Analysts had expected the unemployment rate to hold still at 4%.
Futures on the S&P 500 inched up following the report’s release.
Meanwhile, a Labor Department report released Thursday showed that continuing jobless claims — a measure of people out of work for longer periods of time — neared a three-year high in January, suggesting that job seekers are having a tougher time.
Central bankers are on high alert for any signs of weakness in the economy. The Federal Reserve has largely put interest rate cuts on hold, with Chair Jerome Powell saying they are not looking to shift policy anytime soon.
Inflation figures came in hotter-than-expected last month, further dimming hopes for rate cuts, and even stoking fears that the Fed may be tempted to raise rates.
But consumer confidence plunged in February, suffering its largest monthly decline in four years. More weakness in Friday’s report could have changed the Fed’s stubborn outlook on interest rates, but hiring remained relatively steady.
The stock market is otherwise headed for one of its worst weeks in months after suffering intense volatility after President Trump’s back-and-forth on tariffs — first imposing stiff taxes on Canada and Mexico and then pausing them for 30 days for the second time — spooked investors.
Economists have warned the 25% tariffs on Canadian and Mexican goods, as well as a 20% levy on China, could reheat inflation.
During his Tuesday address to a joint session of Congress, Trump admitted that Americans will have to “bear with” him through an “adjustment period.”
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
