The U.S. labor market added 151,000 jobs in February, a modest acceleration from the 143,000 jobs gained in January but short of the 160,000 economists had forecast. The unemployment rate edged up to 4.1 percent, defying expectations that it would hold steady at 4.0 percent.
The February report underscores a labor market that remains resilient but is showing signs of cooling. Recent data had pointed to a slowdown, including weaker-than-expected private payrolls growth in the ADP employment report and indications of softening consumer spending. However, weekly jobless claims remain low, suggesting that layoffs have yet to rise meaningfully.
Elon Musk’s team at DOGE is having an impact. Federal government employment declined by 10,000 in February.
