Bloomberg Surveillance Instant Reaction: US Unexpectedly Sheds 92,000 Jobs in Latest Report
16 snips
Mar 6, 2026 
Jennifer Lee, senior economist at BMO who breaks down jobs and consumer data. Nadia Lovell, UBS equity strategist guiding sector and portfolio views on tech, cyclicals and oil. Claudia Sahm, macroeconomist focused on labor markets and recession signals. They react to a surprise payroll drop, debate labor supply and Fed implications, and weigh market and sector positioning.
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February Jobs Report Signals Jobless Expansion Continuing
- The US lost 92,000 jobs in February, reversing January's gains and pushing the unemployment rate to 4.4%.
- Claudia Sahm frames this as continuation of a year-long jobless expansion where GDP rose without net job creation, signaling an unusual labor dynamic.
Immigration Drop Is Depressing Labor Supply
- Reduced immigration is a directional and sizable contributor to lower labor supply in sectors like construction and hospitality.
- Sahm emphasizes this is a policy-driven supply shift amplifying the shift from large monthly hires to net job losses.
Fed Can Use Rate Cuts To Boost Demand
- Cutting interest rates is the Fed's tool to stimulate demand and support hiring by encouraging consumer spending and business investment.
- Sahm warns it's blunt but the Powell Fed will defend the labor market if needed.