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US adds 151,000 jobs in February, unemployment up

  • : Agriculture, Crude oil, Metals, Natural gas, Oil products, Pipe and tube
  • 25/03/07

The US added 151,000 nonfarm jobs in February and the unemployment rate ticked higher, but federal jobs fell, possibly reflecting the first of the mass layoffs launched by the new US administration.

The job growth was under the 160,000 jobs forecast by analysts surveyed by Trading Economics. It followed upwardly revised job growth of 323,000 in January and downwardly revised growth of 125,000 in December, marking downward combined revisions of 2,000 reported Friday by the Labor Department.

Monthly job gains averaged 168,000 over the prior 12 months. Unemployment rose to 4.1pc from 4pc.

Average hourly earnings grew at a 4pc annual rate, down from 4.1pc in the prior period.

Manufacturing added 10,000 jobs in February, with motor vehicles and parts adding 9,000 jobs. Mining and logging added 5,000. Health care added 52,000 jobs in February, financial activities added 21,000 jobs and transportation and warehousing added 18,000 jobs. Retail trade fell by 11,000.

Federal jobs fell by 10,000 in February, possibly reflecting the first of the mass layoffs launched by the new US administration earlier last month. While federal government jobs fell, state and local government jobs grew by 20,000.

The employment report comes one day after employment consultancy Challenger, Grey & Christmas reported that US-based employers announced 172,000 job cuts in February, the highest for the month since 2009, led by federal job cuts.

Federal government job cuts totaled 62,242 announced by 17 different agencies as part of the Department of Government Efficiency (DOGE)'s mass layoffs and contract cancellations, Challenger said.

Most of the job cuts captured by Challenger were in the latter part of the month, while the government employment report is based on a survey that includes the pay period encompassing the 12th of the month.


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25/05/11

India, Pakistan reach US-mediated, fragile ceasefire

India, Pakistan reach US-mediated, fragile ceasefire

Dubai, 11 May (Argus) — A US-mediated ceasefire reached on Saturday between nuclear-armed neighbours India and Pakistan is still holding, following four days of intense fighting. "After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE," US president Donald Trump posted on his social media platform Truth Social on Saturday. India and Pakistan will now start negotiations on a broad set of issues at a neutral site, US secretary of state Marco Rubio said on social media platform X. India's military on 7 May launched attacks against targets in Pakistan and Pakistan-administered Kashmir in retaliation for an April terrorist attack that killed dozens. But by Saturday, the two countries seemed to be edging toward all-out war, as their militaries targeted each other's bases. India's foreign minister Subrahmanyam Jaishankar confirmed the ceasefire, saying on X that "India has consistently maintained a firm and uncompromising stance against terrorism in all its forms and manifestations. It will continue to do so." Pakistan "responded positively to the ceasefire proposal for regional and global peace, and its people and I hope that dialogue will now be chosen for resolution of water and Kashmir disputes," Pakistan's prime minister Shehbaz Sharif said in a televised address. Trump also praised leaders of both countries for agreeing to halt the aggression and said he would "substantially" increase trade with them, although this was "not even discussed". Kashmir is a contested area between India and Pakistan, and the two have twice gone to a war over the region. Fear of the conflict spreading roiled global financial markets. India is the region's second-biggest oil buyer after China — importing around 4.5mn b/d last year — and a major customer for other commodities, including LNG and coal. Pakistan also imports fertilizers, coal, oil products and LNG. The escalation between the two severely limited direct trade between them. Airlines in the region as well as some Mideast Gulf carriers rerouted or cancelled flights to avoid Pakistani airspace. But the Pakistan Airports Authority said on Saturday that "Pakistan's airspace has been fully reopened for all types of flights." By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Ford pauses production at Chicago plant


25/05/09
25/05/09

Ford pauses production at Chicago plant

Houston, 9 May (Argus) — Automaker Ford temporarily shut down production at its Chicago, Illinois, assembly plant following a supply chain disruption. The company said it moved a planned downtime week ahead of schedule and expects to resume production by 19 May. Congressman Frank Mrvan (D-Indiana) in a US House appropriations hearing on 7 May said the shutdown was due to a shortage of critical minerals needed to produce the company's braking systems. The company did not respond to the specific elements driving the shutdown. The plant manufactures the Ford Explorer, Police Interceptor Utility and Lincoln Aviator. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil's CSN expects flat steel, upside ahead


25/05/09
25/05/09

Brazil's CSN expects flat steel, upside ahead

Sao Paulo, 9 May (Argus) — Brazil's mining and steel firm CSN expects strong domestic demand to keep steel prices flat in 2025, with the potential for an uptrend in the coming months. Sales to the agricultural machinery and automotive industries should continue to trend upward , the company said. Civil construction sales have been solid and could tick up as the rainy season ends in Brazil. "Demand is good," executive director Luis Fernando Martinez said, adding that the firm will hold back price gains "to maintain profitability." The price of CSN's overall steel products increased by 5pc in the first quarter from a year earlier thanks to a 7pc increase in demand. Average steel prices hit a two-year high at R5,252 ($928)/metric tonne from R5,008/t a year earlier. Steel consumption has been climbing in Brazil and sales could have been stronger if not for growing competition from imports, the company said. Brazil's import penetration hit 27pc of the domestic market in the quarter, outstripping CSN's domestic market share. "I've never seen this in the [23 years] I've been in the company," Martinez said, calling the situation "unsustainable." Despite what he described as an inefficient tariff policy against imports, prices are expected to remain at current levels. Brazil implemented a 25pc tariff on 11 steel products from China in June 2024. The policy is set to expire by the end of May. Results Shipments reached 1.14mn t in the period, up 5pc from 1.08mn t a year earlier, driven by 8pc growth in domestic market sales. Slab production fell by 16pc to 812,000t because of a stoppage at the Rio de Janeiro-based Blast Furnace 2 in January. The company expects the asset to remain under maintenance for at least three more months. CSN produced 775,000t of flat-rolled steel in the quarter, 11pc less than a year prior. Long steel output increased by 12pc to 58,000t from a year earlier. The company registered a R732mn loss in the first quarter, 53pc higher than the R480mn loss a year before. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iraq edging towards compliance under Opec+ pressure


25/05/09
25/05/09

Iraq edging towards compliance under Opec+ pressure

Dubai, 9 May (Argus) — Iraq managed to produce just below its formal Opec+ crude production target in April for the second month in a row, following intense pressure from other members of the group to improve on its historically poor compliance record. But the country still has much to do to compensate for past overproduction. Over the last 16 months, Iraq has been among the Opec+ group's most prolific quota-busters, alongside Kazakhstan and, to a lesser degree, Russia. Argus estimates the country's output averaged over 130,000 b/d above its 4mn b/d target last year. This non-compliance has strained unity within Opec+ and was the driving force behind the group's recent decision to unwind production cuts at a much faster pace than originally planned. Iraq has made some progress on improving compliance this year, reducing production by around 190,000 b/d in the first four months of 2025 compared with the same period last year, according to Argus assessments. Output stood at 3.94mn b/d in April, which was more than 70,000 b/d below Baghdad's formal 4.01mn b/d quota for the month. And in March, Iraq was 20,000 b/d below its then 4mn b/d quota. But this is far from mission accomplished. Along with other overproducers, Iraq has agreed a plan to compensate for exceeding formal quotas since the start of 2024, yet it has fallen short of its commitments in that regard. April's output was almost 50,000 b/d above its 3.89mn b/d effective quota for the month, taking into account the compensation plan. Iraq attributes its compliance issues to ongoing disagreements with the semi-autonomous Kurdish region over crude production levels. The oil ministry claims it lost oversight of the Kurdish region's production since the Iraq-Turkey Pipeline (ITP) was closed in March 2023. Despite the pipeline closure shutting Kurdish producers out of international export markets, Argus assesses current output in the Kurdistan region ranges between 250,000 b/d and 300,000 b/d, of which considerable volumes are smuggled into Iran and Turkey at hefty discounts to market prices. An understanding between Baghdad and the Kurdistan Regional Government (KRG), when implemented, would see Kurdish production average 300,000 b/d, with 185,000 b/d shipped through the ITP and the rest directed to local refineries. Peer pressure Despite the challenges, it is hard to argue that Iraq is not heading in the right direction. Pressure from the Opec Secretariat and the Opec+ alliance's de-facto leader, Saudi Arabia, has pushed Baghdad to take some tough decisions to rein in production, which include cutting crude exports and limiting crude intake at domestic refineries. Kpler data show Iraqi crude exports, excluding the Kurdish region, fell to 3.34mn b/d in January-April from 3.42mn b/d a year earlier, while cuts to domestic refinery runs have prompted Baghdad to increase gasoil imports to ensure it has enough fuel for power generation. Fearing revenue constraints, Iraq is trying to persuade Opec+ to increase its output quota, motivated by a previous upward revision to the UAE's target. Baghdad's budget for 2022-25 includes plans to spend $153bn/yr. But this is based on a crude price assumption of $70/bl and projected oil exports of 3.5mn b/d, both of which now look out of date. By Bachar Halabi and James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

White House ends use of carbon cost


25/05/09
25/05/09

White House ends use of carbon cost

Washington, 9 May (Argus) — The US is ending its use of a metric for estimating the economic damages from greenhouse gas (GHG) emissions, the latest reversal of climate change policies supported by President Donald Trump's predecessors. The White House Office of Management and Budget (OMB) this week directed federal agencies to stop using the social cost of carbon as part of any regulatory or decision-making practices, except in cases where it is required by law, citing the need "remove any barriers put in place by previous administrations" that restrict the ability of the US to get the most benefit "from our abundant natural resources". "Under this guidance, the circumstances where agencies will need to engage in monetized greenhouse gas emission analysis will be few to none," OMB said in a 5 May memo to federal agencies. In cases where such an analysis is required by law, agencies should limit their work "to the minimum consideration required" and address only the domestic effects, unless required by law. OMB said these steps are needed to ensure sound regulatory decisions and avoid misleading the public because the uncertainties of such analyses "are too great". The budget office issued the guidance in response to an executive order Trump issued on his first day in office, which also disbanded an interagency working group on the social cost of carbon and called for faster permitting for domestic oil and gas production and the termination of various orders issued by former president Joe Biden related to combating climate change. The metric, first established by the administration of former US president Barack Obama, has been subject to a tug of war between Democrats and Republicans. Trump, in his first term, slashed the value of the social cost of carbon, a move Biden later reversed . Biden then directed agencies to fold the metric into their procurement processes and environmental reviews. The US began relying on the cost estimate in 2010, offering a way to estimate the full costs and benefits of climate-related regulations. The Biden administration estimated the global cost of emitting CO2 at $120-$340/metric tonne and included it in rules related to cars, trucks, residential appliances, ozone standards, methane emission rules, refineries and federal oil and gas leases. By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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