S&P 500 Futures Slide 1.27% on 92K Payroll Shortfall, Oil Tops $90 Barrel
U.S. nonfarm payrolls fell by 92,000 in February versus a 50,000 gain expected, while January's figure was revised down to +126,000 and the unemployment rate rose 10 basis points to 4.4%. Pre-market futures show S&P 500 futures down 1.27% as oil surges past $90.
1. February Employment Plunge
The U.S. economy shed 92,000 jobs in February, missing the 50,000 forecast and marking the first negative four-month average (–21,000) since the pandemic; January payrolls were revised down to +126,000.
2. Sector Job Losses
Healthcare led losses with 28,000 positions cut following a 41-day nursing strike, while Information Systems and Transportation/Warehousing each lost 11,000 roles and government employment declined by 10,000.
3. Unemployment and Wage Details
The unemployment rate rose 10 basis points to 4.4% with the U-6 underemployment measure at 7.9%; average hourly wages increased 0.4% month-over-month and 3.8% year-over-year despite a dip in the average workweek to 33.8 hours.
4. Market Reaction
S&P 500 futures fell 1.27% premarket as oil prices topped $90 per barrel and the Dow, Nasdaq, and Russell 2000 all slipped over 1%, reflecting investor concern ahead of upcoming inventory and credit data.