The U.S. unemployment rate rose slightly to 4.4 % in February, according to a release from the U.S. Department of Labor in Washington. In January the rate had been 4.3 %, and the total number of unemployed people increased from 7.4 million to 7.6 million over the same period.
The ministry said that firms in the United States cut roughly 92,000 jobs outside of agriculture in February. Job losses were especially pronounced in the health‑care sector and in federal government agencies. The share of long‑term unemployed grew to 1.9 million, up from 1.8 million in January.
These employment figures are monitored closely by investors worldwide. A robust labor market combined with high inflation would make it less likely that the Federal Reserve would lower interest rates. If rates stay high or rise, investors may welcome the move because it reduces the appeal of savings accounts compared with equities, while at the same time keeping borrowing costs cheap for companies and other borrowers.
