U.S. factory production slumped for a second month in February, missing forecasts for a pickup, indicating headwinds from the trade war to slower global growth are weighing on manufacturers. Still, the prior month’s drop was revised up.

U.S. hiring was the weakest in more than a year while wage gains were the fastest of the expansion and the unemployment rate fell, a possible sign that America’s jobs engine is starting to slow down. Treasuries rose while the dollar and stock futures fell.

Productivity gains in the U.S. last quarter exceeded forecasts though were little changed from the prior reading as output and hours worked both cooled, with efficiency improvements surpassing the recent average for a third period.

Refunds have averaged $3,602, and amount to the biggest incoming cash flow day of the year for 29% of recipients, according to the institute’s study of bank and credit card customer data from 2015-17, before the 2017 Republican tax law took effect.

A gauge of U.S. manufacturing plunged last month by the most since October 2008, a fresh sign of deceleration in the economy amid global strains across the sector. U.S. stocks extended declines and Treasury yields fell after the report.

The final report for 2018 is forecast to show employers added 180,000 jobs in December to cap a 2.45 million annual increase, the most since 2015 — but the monthly estimate is the lowest median projection since last January.

Orders placed with U.S. factories for business equipment unexpectedly declined in August, the first drop in five months, marking a pause from solid gains in manufacturing, Commerce Department figures showed Sept. 27.

U.S. filings for unemployment benefits fell for a third week and remain near the lowest in almost five decades, indicating a tight job market, Labor Department figures showed Aug. 23.