WASHINGTON—The latest jobs report shows the U.S. economy added 151,000 jobs last month, marking the first full monthly assessment of the labor market under Donald Trump’s second term as president.
"The economy added 151,000 jobs in February, reflecting a solid pace of growth. However, the outlook shows a softening trend. January job numbers were revised downward, and the unemployment rate rose by one-tenth of a percentage point. Federal government jobs declined by 10,000,” said America's Credit Unions Senior Economist Dawit Kebede.
Kabede noted the data doesn’t fully capture recent layoffs in both the government and private sectors, as it only includes information up to mid-month.
“The impact of these layoffs will likely become clearer in the next report,” he said. “People are more likely to restrict spending if there is uncertainty about their jobs. A continued rise in the unemployment rate can affect credit union members' ability to afford new loans or make timely payments on existing ones."