Hiring at US businesses unexpectedly plunged last month as employers shed an estimated 92,000 jobs, according to new data released Friday by the Bureau of Labor Statistics.
The unemployment rate edged higher to 4.4% from 4.3%.
Economists were expecting a net gain of 60,000 jobs last month, a sharp slowdown from January’s surprisingly strong total, which likely overestimated hiring because of some one-time factors such as weather. January’s job gains were revised down to 126,000 from 130,000 jobs.
Additionally, February’s employment totals were expected to take a 31,000-job hit from the mid-month Kaiser Permanente health care workers strike. That strike ended February 23, which will result in a one-time boost to March’s jobs report.
Stock futures moved lower after the data release. Dow futures were down 376 points, or 0.78%. S&P 500 futures fell 0.83%, and futures tied to the Nasdaq 100 sank 1%. Two-year and 10-year Treasury yields ticked lower as investors moved into bonds. The US dollar weakened against other major currencies. Separately, crude oil was up 6.2%, to $86 per barrel.
