"The new numbers show that the economy lost 92,000 jobs last month. Worse still, the department reported that the federal government had overestimated the number of jobs employers added in its two previous reports. (It often refines its estimates as more data comes in, but in this case the revisions have essentially zeroed out any job creation over the past three months.)"
"The numbers surprised forecasters, reviving fears of a potential recession. Investors recoiled, sending stocks falling. Even Trump officials struggled to sugarcoat the situation. "I think we have to address the fact that this is not a good report in its raw numbers," Labor Secretary Lori Chavez-DeRemer conceded on Fox Business, before blaming a labor strike in California and the weather."
The U.S. economy lost 92,000 jobs in February, surprising forecasters and reviving recession concerns. The Labor Department also revised downward its estimates for the previous two months, essentially eliminating job creation over the past three months. Stock markets fell in response to the disappointing figures. Trump administration officials acknowledged the poor report while attempting to attribute it to factors like a California labor strike and weather, though weather impacts appear minimal compared to previous years. This economic downturn coincides with rising gas prices resulting from Trump's recent military actions against Iran, creating a challenging political situation for the administration.
Read at Slate Magazine
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