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renegadebusdallas.com April 20, 2018


March sadness: Only 103000 jobs added

07 April 2018, 09:55 | Lionel James

David L. Ryan Globe Staff A construction worker walked along One Dalton in Boston which is under construction

A construction worker walked along One Dalton in Boston which is under construction

Leisure and hospitality employers added only 5,000 jobs last month, the least since September.

By industry, the largest gains were seen in education and health services as well as professional and business services, the two areas that are most often leaders in terms of monthly job gains.

Economists have forecast that employers added a solid 185,000 jobs in March and that the unemployment rate dipped from 4.1 percent to a fresh 17-year low of 4 percent, according to data provider FactSet. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) After revisions, job gains have averaged 202,000 over the last 3 months. The unemployment rate had been expected to edge down to 4.0 percent.

The labor market hit a high of 326,000 jobs added in February and has hovered around the 200,000-mark for the past several months.

Economists on Friday suggested there are a number of possible reasons for the hiring slow down.

A broader measure of unemployment that includes discouraged workers and those holding part-time positions for economic reasons - the underemployed - fell two-tenths of a point to 8 percent, its lowest reading in 11 years.

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And last month, factories expanded at a healthy pace after having grown in February at the fastest rate since 2004, according to a private survey.

After reporting a substantial increase in USA employment in the previous month, the Labor Department released a report on Friday showing job growth slowed by much more than anticipated in the month of March.

Temperatures returned to normal in March, with snowstorms in some parts of the country. The average hourly wage rose 2.7 percent from a year earlier. The gain lifted the annual increase in average hourly earnings to 2.7 percent from 2.6 percent in February.

The average workweek for employees on nomfarm payrolls held steady at 34.5 hours.

The labor force participation rate dipped slightly from 63 percent to 62.9 percent. Investors expected two more rate hikes this year.

That mainly took place in the final days of the month, however. They can't afford multiple months of below-expectation job growth.



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