US Economy Sheds 92,000 Jobs in February as Gas Prices, War Fears Rattle Markets

The U.S. economy lost 92,000 jobs in February and gasoline prices jumped 19 percent over a single month, delivering a rough start to 2026 that stands in tension with White House claims of a "roaring economy."

The February employment report, released Friday, also revised December's job figures downward to a net loss of 17,000 positions. The unemployment rate for U.S.-born workers climbed to 4.7 percent over the past 12 months, up from 4.4 percent, according to Bureau of Labor Statistics data. Without the health care sector, the economy would have shed roughly 202,000 jobs since President Donald Trump took office in January 2025. The administration has pointed to construction job gains outside housing as a sign of future hiring growth.

For Treasure Coast families, the pump-price surge carries immediate consequences. The national average hit $3.45 per gallon — a 19 percent increase in one month, according to AAA — driven in part by U.S. and Israeli strikes against Iran that began Feb. 28. Martin, St. Lucie and Indian River counties depend heavily on car travel, and higher fuel costs ripple directly into groceries, home deliveries and small-business operating expenses across the region.

Investment bank Goldman Sachs warned in an analyst note that sustained higher oil prices could push inflation from its January reading of 2.4 percent to three percent by year's end. Trump dismissed the concern Sunday, posting on social media that short-term oil price increases are "a very small price to pay for U.S.A., and World, Safety and Peace." The Dow Jones Industrial Average has fallen five percent over the past month, though it remains up since Trump took office. The U.S. economy grew at a 2.2 percent pace in 2025, compared with 2.8 percent in Biden's final year, according to available government data. Business sector labor productivity rose 2.8 percent in the fourth quarter of 2025, according to the Labor Department, though researchers note that labor's share of income fell to its lowest level on record According to initial reports, in the same period.

The White House has said it expects stronger growth later in the year. Midterm elections are scheduled for November 2026, when Republicans will defend their House and Senate majorities.

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