U.S. Unemployment on the Rise

The Bureau of Labor Statistics has released a February jobs report showing that 92,000 jobs were lost and 69,000 more were removed in downward revisions, dashing expectations that the economy created 50,000 new jobs last month, Tommy Christopher reported for Mediaite.

Unemployment has risen to 4.4%, yet another development which is not good for President Donald Trump.

Total nonfarm payroll employment edged down by 92,000 in February, while the unemployment rate changed little at 4.4%, the BLS reported. Employment in health care decreased, reflecting strike activity.

Employment in information and in the federal government also continued to trend down.

The change in total nonfarm payroll employment for December was revised down by 65,000, from +48,000 to -17,000, while the change for January was revised down by 4,000, from +130,000 to +126,000.

With these revisions, employment in December and January combined is 69,000 lower than previously reported.

On Friday’s edition of CNBC’s Squawk Box, Rick Santelli broke the news with intermittent dismay. “Nonfarm payrolls down by 92,000. Then 130,000 is downgraded to only 126,000. The revision over the past two months shows job losses of 69,000.”

Thus, unemployment rose to 4.4%. The development is not good for President Donald Trump, who has repeatedly claimed that the economy is in great shape.