Analysts: Fed's March meeting may face calls for rate cuts; Bessant's economic growth thesis contradicted by data.

Christopher Hodge of Natixis said the report could particularly impact Federal Reserve Governor Waller. Recall that earlier today he stated that if February's data looked weak and January's was revised downwards, the question of why the Fed hadn't cut rates would be raised… This would reinforce the Fed's dovish view that recent encouraging labor market data was merely "Fool's Gold." Analyst Chris Anstey said this would be a blow to the Treasury Secretary. We previously noted that Bessant praised the January construction job growth, citing it as a model of the government-sponsored capital spending boom and expecting it to continue. However, after an increase of 48,000 in January, construction employment fell by 11,000 in February. As for manufacturing, after a slight increase of 5,000 in January, the sector resumed its downward trend, losing 12,000 jobs. (Jinshi)