Despite the creation of more jobs than anticipated, the United States saw its unemployment rate reach a two-year high last month.
The BBC report, quoting the labor department, claims joblessness rose to 3.9% from January’s 3.7%.
The report, closely monitored for insights into the economic impact of increased borrowing costs, revealed a mixed picture.
Shift From Inflation To Recession
Analysts attributed the rise to more people entering the labor force and an increase in those reporting unemployment.
Sectors like healthcare, government, bars, and restaurants significantly contributed to job gains.
Harvard professor Josh Furman, a former economic advisor, described the overall outlook as positive but suggested a subtle shift from inflation to recession concerns.
Job Growth Lowers in Jan & Dec
The rise in unemployment was higher than what many analysts forecasted.
The Labor Department said January and December saw a decline in job growth by 167,000 compared to what was previously estimated.
