'NOT A GOOD REPORT': Labor sec acknowledges WEAK February jobs numbers

Oil Market - Kuwait is cutting oil production due to a lack of storage capacity for crude oil, with current prices at $87 to $88 per barrel [1] Employment Data - The February jobs report showed a loss of 92,000 jobs, with the unemployment rate rising to 4.4%, contrary to expectations of job growth [2][3] - Economists had predicted an addition of 59,000 jobs, but significant losses were noted in healthcare (28,000 jobs), leisure and hospitality (27,000), construction (11,000), and manufacturing (12,000) [2][3] - Revisions to previous months indicated 69,000 fewer jobs created than initially reported, with December and January seeing downward adjustments of 65,000 and 4,000 jobs respectively [3][13] Sector Analysis - Retail trade was a rare positive, adding 2,300 jobs [3] - Foreign-born workers lost 519,000 jobs, while native-born workers gained 128,000 jobs, indicating a shift in the labor market [4][9] Government Response - The Labor Secretary acknowledged the disappointing job numbers but emphasized ongoing efforts to improve the situation, including investments in workforce training and addressing job losses in construction and manufacturing [6][12] - The administration is focused on creating private sector jobs and ensuring a skilled workforce, with ongoing discussions about labor market demands [10][12] Future Outlook - There is hope for job recovery in the coming months, with a total of 60,000 jobs added over the last two months despite the recent downturn [7][12] - The administration aims to enhance the accuracy of job reporting through the Bureau of Labor Statistics, which is expected to improve under new leadership [15]