Although US President Donald Trump’s government worker reductions have begun to take effect, hiring was steady last month as growth in other industries made up for the losses. According to the Labour Department, federal employment fell by 10,000 in February. Employers created 151,000 new positions nationwide, while unemployment increased slightly from 4% in January to 4.1%.
This month, with growing concerns about the economic disruption caused by Trump administration policy changes, the government’s monthly report a widely followed indicator of economic health was especially scrutinized.
Analysts estimated that 170,000 additional jobs would be created. According to the Labor Department, February’s monthly gain was comparable to the average monthly increase of 168,000 during the previous 12 months.
Financial and healthcare companies drove hiring. The Trump administration emphasized the roughly 10,000 new jobs created in the manufacturing sector. Analysts warned that the report did not yet fully represent the scope of the cuts that the White House has outlined, and government hiring fell precipitously.
The news seemed “reassuringly in line with expectations, showing payrolls growth only modestly weaker than in recent months,” according to Seema Shah, chief global strategist at Principal Asset Management. Yet, while the most dire fears were not met, the analysis does confirm that the labour market is cooling,” she stated.
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