February employment ‘much lower than anticipated’

Total nonfarm payroll employment edged down by 92,000 in February, and the unemployment rate changed little at 4.4%, the U.S. Bureau of Labor Statistics (BLS) reported Friday.

“February’s employment numbers came in much lower than anticipated, as businesses continued a lower hiring trend. The economy lost 161,000 jobs when accounting for February’s losses and downward revisions to the prior two months. The health care sector, which has been the primary source of job growth over the last two years, lost jobs due to a physicians’ strike, according to the BLS,” said America's Credit Unions Chief Economist Curt Long. “With unemployment rate remaining stable, the Federal Reserve may shift its focus toward inflation concerns as oil prices rise. Credit unions remain a trusted financial partner for members in communities where the job market is under more stress.”