SOME SOFTENING

February net job growth was a decent 151,000, January was revised down by 18,000 to 125,000, and the unemployment rate rose to 4.1% despite the labor force participation rate sliding from 62.6% to 62.4%. Mild continued weakening is visible. Critically, this report is based on employment the week of 2-12-25, before any meaningful tariff discussions or DOGE activity. This was still Biden’s economy. The March report will be very interesting.