The jobs report data was collected the week the second week of February, when Elon Musk’s Department of Government Efficiency, (DOGE) was beginning to cut agency workforces. Also, in early February, some federal contracts and grants had been frozen or cut, due to executive orders, which led to private sector layoffs among government contractors and nonprofits.
“The jobs market has still been holding up pretty well,” said Sarah House, a senior economist at Wells Fargo. “But the outlook is deteriorating. And we’re looking at slower growth ahead after a pretty remarkable run for the U.S. economy over the past 2 or 3 years.”
In recent months, steady job creation, low unemployment levels and sparse layoffs have bolstered the view that the labor market remains on firm ground, despite cooling over 2023 and 2024. New filings for unemployment insurance fell nationally last week, according to Labor Department data released Thursday.
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