点评2026年2月非农就业数据：美国非农就业收缩明显

Employment Data - In February, the U.S. non-farm employment decreased by 92,000, marking the second-largest decline since 2021, with the previous value revised to an increase of 126,000[7] - The average employment growth over the past three months is only 6,000, indicating a significant slowdown in the labor market[7] - Key sectors such as healthcare, leisure and hospitality, information, and transportation and warehousing experienced notable job losses, with healthcare and social assistance jobs declining by 19,000[7] Unemployment Rate - The unemployment rate rose to 4.4% in February, up from 4.3% in January, reflecting an increase of 0.1 percentage points[8] - The number of unemployed individuals increased by 209,000, primarily due to a rise in temporary layoffs and individuals re-entering the labor market[8] - The labor force participation rate decreased to 62.0%, down 0.1 percentage points from the previous month[8] Federal Reserve Outlook - FedWatch indicates that the market is pricing in 1.5 rate cuts (38.0 basis points) by the Federal Reserve in 2026, amid rising geopolitical tensions affecting inflation risks[12] - The nomination of Kevin Warsh as the new Fed Chair may influence future monetary policy, particularly regarding interest rate cuts[12] - The Fed is likely to remain cautious in its approach to rate cuts, with the potential for a gradual increase in easing measures depending on Warsh's agenda control[12]