US economy unexpectedly sheds 92,000 jobs in February

The number of jobs in the US economy fell last month, an unexpected contraction that has renewed questions about whether the labour market in the US might be starting to crack.

Payrolls in the US dropped by 92,000 and the unemployment rate ticked up to 4.4%, according to the latest official figures, surprising analysts who had expected hiring to remain stable.

It marked the biggest monthly job loss since October, when the US government shut down, and came amid concerns that a jump in oil prices sparked by the US-Israel war in Iran could threaten growth.

Nearly every sector shed jobs including healthcare, typically a source of strength, which was hit by strikes last month.