Only 98000 New Jobs Were Created In March, Labor Department Says

Paterniano Del Favero
Aprile 21, 2017

The unemployment rate, however, rose 0.1 percentage points to 6.7 percent as more people searched for work, according to Statistics Canada.

"The slowdown in payroll growth is exactly what you would expect when the economy closes in on full employment", he said.

"The labor force expanded for the 11th consecutive month to 4,281,022, setting a new record high, and household employment expanded for the 26th consecutive month to 4,115,642, also a record high", VEC economist Ann Lang said in a statement about statewide seasonally adjusted unemployment rates.

"There probably was a large weather-related factor in there during the measurement week".

In order to keep up with growth in the working-age population, the economy needs to create somewhere in the region of 75,000 to 100,000 jobs per month.

Small business owners continued to hire in March, and had to increase compensation to remain competitive in a tight labor market, according to the March Jobs Report released by the National Federation of Independent Business. But for men, the unemployment rate stayed steady at 4.3 percent.

The country had been averaging 236,500 new jobs a month in 2017.

In March, the average hourly earnings rose 5 cents to 26.14 US dollars, following a 6-cent increase in February. Wages were 2.7% higher in March compared to a year ago.

But Greene says most of the wage gains are going to supervisors.

The reason relates to a little-known fact about the government's monthly jobs report: The government conducts one survey to learn how many jobs were created and another to determine the unemployment rate.

"I think for the Fed, it doesn't change all that much in the near-term outlook".

The U.S. added 98,000 jobs in March, down from the gains of more than 215,000 jobs seen in both January and February.

"After the unseasonably warm January and February, which pushed monthly job gains back above 200,000, there was always going to be some pay back in March, when the weather snapped back to seasonal norms, including some heavy snowstorms", wrote Paul Ashworth, chief US economist for Capital Economics. The increase in US transportation sector hiring follows a revised gain of 8,100 positions in February and a 10,200-job loss in January. During the past 12 months, the number of long-term unemployed people has declined by 526,000. Retailers including J.C. Penney Co Inc and Macy's Inc have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations.

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