US jobs report: Economy loses 92,000 jobs in February as unemployment ticks up to 4.4%

The US economy unexpectedly shed jobs in February, marking a sharp reversal from the previous month and raising fresh concerns about the strength of the labour market.Data released by the US Labor Department on Friday showed the world’s largest economy lost 92,000 jobs in February, compared with job growth of 126,000 in January, reported AFP.The unemployment rate edged up to 4.4% from 4.3%, the report said.The decline in employment was largely driven by a drop in the healthcare sector, which was affected by strike activity during the month."Employment in information and federal government continued to trend down," the Labor Department said.Economists had broadly expected a slowdown in job creation but not an outright contraction in employment, making the figures a surprise for markets.The weak jobs data is likely to add to concerns about the health of the labour market, which has been a key pillar supporting consumer spending and economic growth.February’s report may also strengthen the case for the Federal Reserve to resume cutting interest rates in order to support economic activity.