March 6, 2026, 7:17 p.mMarch 6, 2026, 7:17 p.m
The labor market in the USA was significantly weaker than expected in February. The number of employees was particularly disappointing. The number of jobs outside of agriculture fell by 92,000, according to the Department of Labor in Washington.
The last time the number of employees fell more sharply was in October. Economists, however, had expected an average of 55,000 new jobs. In addition, the increase in employment in the previous two months was revised downwards by a total of 69,000 jobs.
The US Department of Labor also attributes the decline in employment to a strike in the healthcare sector. According to Thomas Gitzel, chief economist at VP Bank, this does not fully explain the surprisingly poor number. “For example, there were job cuts in the manufacturing sector, and jobs were also cut in the public sector.”
Unemployment rate increases
In addition, the unemployment rate has unexpectedly increased. It increased by 0.1 percentage points to 4.4 percent. Economists had expected a stable rate of 4.3 percent on average.
Hourly wages have risen despite the otherwise weak development on the labor market. Average hourly wages increased by 0.4 percent compared to the previous month. Economists had expected an increase of 0.3 percent. In January the wage increase was also 0.4 percent.
Expectations of interest rate cuts are likely to gain momentum again with the figures, writes Ralf Runde, analyst at Helaba. These had recently weakened due to increased inflation concerns due to high energy prices. (sda/awp/dpa)