Surprise Shed

The U.S. economy defied expectations on Friday… in a bad way.

The Labor Department reported Uncle Sam lost 92,000 jobs in February and unemployment ticked up to 4.4%—economists had expected a gain of 50,000 jobs and for unemployment to hold steady. Experts say declines in healthcare and construction were impacted by hospital strikes and cold winter temps, but are taking note that February marks the third month of losses in the past five (see chart).

Past figures were also revised: January’s gain was lowered from 130k to 126k and December flipped from a gain of 48k to a loss of 17k jobs. 

Despite the weak report, the Federal Reserve isn’t expected to cut rates on March 18. The U.S.-Iran conflict has driven up gas prices, adding to inflation pressures officials were already working to tame.

ETERNAL PERSPECTIVE
Whether the economy booms or collapses, God will remain in control. In the midst of uncertainty on earth, set your hope on the abundance we will enjoy with Christ when he comes.

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.” 
1 Peter 1:3-4 (CSB) (read full passage)