The Rundown U.S. Economy Loses 92,000 Jobs, Oil Hits 2-Year High
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Mar 6, 2026 Markets slide as oil spikes nearly 10% amid Strait of Hormuz disruptions. A surprise jobs report shows a loss of 92,000 positions and unemployment rising to 4.4%. Corporate news includes Costco’s strong quarter and legal twist, Marvell’s AI networking boom, and Gap’s athleisure sales slump. Microsoft teases a new gaming console called Project Helix.
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Oil Spike Threatens Fed Rate Cut Plans
- Oil's sudden spike is driving market weakness and could derail rate cuts.
- Crude jumped ~10% in a day to above $86 and rose 25% over five sessions due to Strait of Hormuz disruptions.
Jobs Report Signals Labor Market Softening
- February jobs report showed unexpected weakness with a 92,000 job loss and a 4.4% unemployment rate.
- Economists expected +50,000 jobs and December was revised to a 17,000 job loss, making three of five months negative.
Fed Caught Between Jobs Weakness And Oil Inflation
- The Fed faces a policy dilemma: weakening jobs would argue for cuts while rising oil-driven inflation argues against them.
- Next Fed meeting is in 10 days and leadership will change in May to Kevin Warsh.