Job growth in February was weaker than expected as the federal workforce began to be slashed by the Trump administration. Nonfarm payrolls increased by 151,000, falling short of the 170,000 consensus forecast. The unemployment rate rose to 4.1%. Efforts to reduce the federal government workforce are starting to show results, with federal government employment declining by 10,000 in February. This is a developing story.
Source: https://www.cnbc.com/2025/03/07/jobs-report-february-2025.html