CNN
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Hiring at U.S. companies unexpectedly plunged last month, with employers eliminating approximately 92,000 positions, according to new data released Friday by the Bureau of Labor Statistics.
The unemployment rate skyrocketed from 4.3% to 4.4%.
Economists had expected a net gain of 60,000 jobs last month, a sharp slowdown from January’s surprisingly high total, which likely overstated hiring due to one-time factors such as weather. January’s job gain was revised downward from 130,000 to 126,000.
Additionally, February’s jobs total was expected to be affected by the mid-month Kaiser Permanente healthcare workers strike, which ended on February 23, which will provide a bumper boost to the March jobs report.
Stock futures fell after the data was released. Dow Jones futures fell 376 points, or 0.78%. S&P 500 futures fell 0.83%, and futures linked to the Nasdaq 100 fell 1%. Two- and 10-year Treasury yields fell slightly as investors shifted into bonds. The US dollar weakened against other major currencies. On the other hand, crude oil rose 6.2% to US$86 per barrel.
