Try loosening the packing nut (the one that goes around the stem just below the handle) about 1/8 turn. Too loose and it may start to seep water around the stem.
You might also try posting this on the plumbing forum.

Replace the stem packing with Teflon packing.

I have a hose connection in my garage and the faucet is very hard to turn. Last year it was fine and this is newer construction. The one outside is difficult also but not has hard as the one in the garage. I was told to use WD40 which did not work and someone else told me to get a substance at a pool place to put on the steel connection. Please help.