Economic Data Report: Jobs
Payrolls Tumble, Unemployment Climbs
Written by Jonnathan Handshoe, Investment Analyst, on March 6, 2026- US economy shed 92,000 jobs in February, well below consensus expectations
- Unemployment rate ticked back up to 4.4% from 4.3%
- January payrolls revised down to 126,000 from the initially reported 130,000
February’s jobs report delivered a negative surprise. Payrolls fell by 92k, one of the sharpest monthly declines outside of October 2025’s drop of 105k, as harsh winter weather conditions and healthcare strikes disrupted hiring. Healthcare, which powered 63% of January’s gains, was this month’s primary drag (-28k), with manufacturing (-21k), information services (-11K), and transportation (-11k) also contributing. The unemployment rate reversed last month’s modest progress, rising back to 4.4%. The “low-hire, low-fire” dynamic persists, and the labor market remains fragile heading into spring.
Jonnathan Handshoe Investment Analyst
Jonnathan Handshoe is an investment analyst at United Community, where he leads due diligence and ongoing oversight of ETFs, mutual funds, and SMA managers. He regularly presents to the Asset Management Council and drives research initiatives that support portfolio construction and manager selection across the organization. Before joining United, Jonnathan was an equity research analyst at CFRA Research, covering more than 40 public companies across the oil & gas and passenger airlines sectors. He developed thesis-driven views supported by detailed financial modeling and published frequent research notes and thematic research reports. Previously, he served as a mortgage underwriter at CIVIC Financial Services, focusing on real estate investment loans. His earlier experience includes credit and operations roles at Lima One Capital and ScanSource, where he analyzed borrower portfolios and supported senior leadership in credit decisions. Prior to joining the financial and investment services industry, Jonnathan began his career in the United States Marine Corps, serving for a decade and deploying to Helmand Province, Afghanistan, where he led teams and supported mission-critical operations. He holds an M.S. in finance from the University of Notre Dame, an MBA from The College of William & Mary, and a B.S. in business administration with a concentration in economics and finance from the University of South Carolina Upstate.
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This information is for informational purposes only and does not constitute investment advice.
Sources:
GDP – Bureau of Economic Analysis
Employment & Inflation – Bureau of Labor Statistics
Interest Rates – Federal Reserve
P/E S&P 500 – multpl.com
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