The U.S. job market turned weaker last month, dashing hopes for an economic rebound.

A report from the Labor Department on Friday shows employers cut 92,000 jobs in February, when economists had expected the U.S. would continue adding jobs, albeit at a sluggish pace. The unemployment rate inched up to 4.4%.

Job gains for December and January were also revised downward, with December now showing a net loss 17,000 jobs.

The weaker than expected jobs report comes as Americans are already anxious about the high cost of living. Those affordability concerns will likely be amplified as the war in Iran has triggered a sharp rise in energy prices. AAA reports the average price of gasoline jumped another 7 cents overnight, to $3.32 a gallon. That’s 21 cents higher than this time last year.

      • givesomefucks@lemmy.worldEnglish
        8·
        21 days ago

        Economists had forecast a gain of 48,000 following January’s downwardly revised 11,000 increase – half the original estimate.

        That means the prediction was 22k new juobs, had just been decreased to 11k new jobs, and then shot up to 48k…

        That’s not a sign that we should expect good things, that was a sign that someone may have caved from pressure after saying 11k.and went with a number that was obviously bullshit.

        Apparently some people believed it tho, so I can admit when I’m wrong. I tend to overestimate people

      • PumpkinSkink@lemmy.world
        5·
        21 days ago

        Yeah, but the trend has been significant revision downward for months now. Anyone who’s been watching was expecting this.

    • explodicle@sh.itjust.worksEnglish
      2·
      20 days ago

      After the Great Financial Crisis it became clear to me that weasel word “economists” either have no idea what they’re doing, or don’t actually serve the public. These days I’m leaning more towards the latter.

      Not to say that the greats like Adam Smith were unqualified. But the legion of yes-men who have been drinking corporate kool-aid since Nixon don’t work for us. Their job is to create a convincing narrative as to why it’s OK to have a visibly unhealthy economy.

      Don’t trust unnamed “economists” in the news. Look for specific people who have predicted what the economy actually does, and listen to them.

    • CharlesDarwin@lemmy.worldEnglish
      3·
      21 days ago

      Exactly. Diaper Don tariffing everything that moves, for one, and sending “doge” in to fire tons of government workers:

      Gosh and gee willickers, you mean that will have a negative impact on things?

      –Murc’s Law Media and reactionary centrists everywhere

  • thesohoriots@lemmy.worldEnglish
    8·
    21 days ago

    That’s a downwardly revised January gain of 126,000, and they had estimated a 50k gain for February. When was it we were told the Dow was over 50,000 again?

  • switcheroo@lemmy.worldEnglish
    4·
    21 days ago

    Phhht. Probably thought they’d fill those jobs with AI, since they’re so hard for it. Even though they have no freakin idea what it is or can do…

    Or more likely they didn’t care to even fudge the numbers anymore because they plan on rigging every election to stay in power like the disgusting bloodsucking parasites like they are. They don’t care if you are unhappy because what are you gonna do…

  • melsaskca@lemmy.ca
    3·
    21 days ago

    Are there any more worries to be had? This only makes sense now if the top 10% is starting to worry about the top 1%. Most of us aren’t even in the game anymore (so let’s invent a new game that we can all play).

  • 0tan0d@lemmy.world
    1·
    19 days ago

    This title is getting saved as something that needs to get addressed when we try to refund public funding. Im all for it, but I also know NPRs tone police are a key component to the normalization of today’s GOP.