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06.03.26 - 16:39
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Jobs Shock: US Lost 92K Payrolls In February, Far Below Lowest Estimate, As Unemployment Rate Rises (ZeroHedge)
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Jobs Shock: US Lost 92K Payrolls In February, Far Below Lowest Estimate, As Unemployment Rate Rises
In our nonfarm payrolls preview, we quoted JPMorgan's Market Intel desk which said that "for this print, the stronger the better", which by implication means that a poor number would be bad. By that logic, the actual number couldn't be any worse, because moments ago the BLS reported that in February, the US lost 92,000 jobs, a huge drop from the downward revised (of course) 126K in January, and the second worst print since 2020 (only October's shock -140K was worse), and this time, the massive drop can't be dismissed as a one-time drop in government payrolls. The number of private payrolls dropped by 86K, also a huge miss to estimates of a 60K increase.
The February payrolls print was a six-sigma miss to the 55K median estimate, and came in 83K below the lowest estimate!
The change in total nonfarm payroll employment for December was revised down by 65,000, from +48,000 to -17,00...
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