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Disappointing job growth in March

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Disappointing job growth in March

Job creation misses expectations badly; unemployment rate remains steady at 5.5%.

Total nonfarm payroll employment rose by a disappointing 126,000 in March, and the unemployment rate decreased to 5.5%, the U.S. Bureau of Labor Statistics reported today. 

Consensus estimates had expected an increase of 245,000 new jobs.

 

"Consensus estimates had expected an increase of 245,000 new jobs."

The poor results added momentum to the perception that the US economy is slowing going into Q2.

The historically low employment participation rate decreased only slightly to 62.7%.

The number of unemployed persons was largely unchanged in March, coming in at 8.6 million.

In March, average hourly earnings for all employees on private nonfarm payrolls increased 7 cents to $24.86. Over the year, average hourly earnings have risen by 2.1%.

The full report can be found here.

 

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