The latest economic data shows that the U.S. economy is facing rising unemployment and increasing uncertainty about the future. Data released by the U.S. Department of Labor showed that U.S. non-farm employment fell by 92,000 in February, indicating that the U.S. labor market continues to face pressure. The number of jobs in the U.S. medical industry decreased by 28,000 in February, and employment in industries such as information, transportation, and warehousing also decreased.
At the same time, the number of new jobs in January and December last year was revised sharply downward to 57,000 new jobs and 17,000 negative jobs respectively. The data also shows that, excluding medical industry data, the U.S. economy has lost about 202,000 jobs since Trump took office for the second time in January 2025, one of the worst performances since the COVID-19 epidemic.
The New York Times pointed out that February’s employment data reflected the overall trend of continued weakness in the U.S. job market, once again raising concerns about a U.S. economic recession.
However, the report also pointed out that although the unemployment rate increased in February, the unemployment rate in the United States is still at a low level by historical standards.
Looking at specific industries, the medical care industry, which has been driving U.S. employment expansion in the past few years, rarely saw a decrease of 28,000 jobs in February. It is reported that more than 30,000 employees of the U.S. medical giant Caesars Group went on strike. Employment in the information services industry decreased by 11,000. The industry has lost an average of about 5,000 positions per month in the past 12 months, which is generally believed to be related to the trend of artificial intelligence-related layoffs. The transportation and warehousing industry lost 11,000 jobs, and federal government jobs fell by 10,000.
Diane Swank, chief economist at KPMG (USA), analyzed that the decline in employment in the United States was mainly dragged down by strikes in the health care industry. That's because of massive strikes at Kaiser Permanente in California and Hawaii, which alone cost 27,000 jobs. She also warned that the current "one-legged stool" phenomenon in the U.S. economy and job market requires vigilance. Heather Long, chief economist at Navy Federal Credit Union, a U.S. industry financial institution, said the U.S. job market is facing multiple headwinds and it is a "worrisome moment" for the U.S. economy.
The U.S. government is currently facing more than 2,000 lawsuits after the U.S. Supreme Court ruled that Trump's tariff policies are illegal. Companies that have already paid tariffs are trying to recoup the $175 billion they have paid since April last year. US media pointed out that the current situation is very confusing, and the uncertainty about how and whether future tariffs will be implemented will only exacerbate this confusion.
Trump's tariff policy is putting American consumers under tremendous pressure. Research by the Federal Reserve Bank of New York shows that nearly 90% of the economic burden of tariffs falls on American businesses and consumers. According to estimates from the American think tank "Tax Foundation", the tariff policy has caused an average tax increase of US$1,000 for American households in 2025.
Data released by the U.S. Department of Labor on the 5th showed that labor productivity in the corporate sector increased by 2.8% in the fourth quarter of last year. Although this data is a positive signal for the long-term growth of the U.S. economy, Mike Conzel, senior director of policy and research at the Economic Security Project, pointed out that the share of labor income in the United States fell to a record low last year, and the growth in labor productivity has not benefited workers in the form of higher wages.
A January analysis by "The Hamilton Project" showed that Americans' wages, adjusted for inflation, were little changed since 2020. Rahm Emanuel, who served as White House chief of staff during the Obama administration, said: "Everything Trump has done on tariffs and his war on Iran is creating job losses and increasing inflation."
At the same time, the Trump administration's weakness on economic issues is expected to affect the tone of this year's midterm elections. A survey previously released by the Pew Research Center found that 72% of Americans believe that the country's economic situation is average or bad.
In addition, according to a consumer survey report released by the University of Michigan, as of February, the U.S. consumer confidence index dropped by nearly 13% year-on-year.
"The economy has always been Trump's Achilles' heel." U.S. Senate Democratic leader Schumer seized the opportunity to attack Trump. "His disastrous policies have pushed up prices, caused unemployment, and weakened the economy. The Republican Party will suffer a disastrous defeat in the midterm elections because working-class Americans are still paying the price for Trump's failure."
Republican officials are trying to downplay the job losses. While U.S. Labor Secretary Lori Chavez-Dremer acknowledged that the report was "not optimistic on a raw basis," she later blamed recent strikes and bad weather. White House National Economic Council Director Kevin Hassett said the jobless number was "an outlier." "People are concerned that there will be another similar number in the future, or even two or three similar numbers. But right now all other indicators point to very strong GDP growth."
Comprehensive report from Beijing Business Daily
