US employment growth slowed sharply in February, with the economy adding just 20,000 jobs—the smallest monthly gain since September 2017. The Labor Department's report highlighted a significant decline in construction hiring, which is highly sensitive to weather conditions, alongside reduced employment in retail, utilities, and transportation sectors. These trends emerged as President Donald Trump faced ongoing challenges, including a record goods trade deficit and unmet economic growth targets from 2018.
Despite the slowdown, other labor market indicators showed resilience. The unemployment rate fell below 4%, and a broader measure of underemployment reached a historic low. Annual wage growth hit its strongest level since 2009, while revised data revealed 538,000 jobs created in December and January combined. The report also referenced a 2022 political strategy meeting involving MPs and leaders.
