Jobs Added in March

March Jobs Report: Everything You Need to Know

Economists say it's unlikely the trade concerns contributed to the slowdown in job growth. And the government's jobs report suggested that the labor market remains fundamentally healthy.

On average, since mid-2017, employers had been adding about 211,000 jobs a month. Job growth is also moderating as the labor market hits full employment.

Average hourly pay for all private-sector workers went up a notch, increasing at a moderate annual rate of 2.7 percent, which is close to the trend of recent years.

Economists had expected the US job market to slow down from February's fast pace, with a consensus predicting from 180,000 to 190,000 new jobs.

Powell said that he and his colleagues discussed the trade situation when they met about two weeks ago, but indicated that it was too early to speak of implications for the economic outlook.

The monthly Employment Situation Report from the Bureau of Labor Statistics (BLS) released this morning shows that nonfarm payroll employment rose by 103,000 in March. "Anecdotal reports indicate that employers are increasingly willing to take on and train workers they would not have considered in the past".

The nation's unemployment rate stayed unchanged at 4.1 percent.




"This morning's figures may suggest a little less momentum heading into the second quarter, but taken with other data, the continued expansion in total hours worked points to a modest acceleration in activity this quarter, provided we manage to avoid shooting ourselves in the foot on trade policy", said Michael Feroli, an economist at JPMorgan in NY.

"Across the board, hiring is a challenge", Daniel said.

Construction companies cut 15,000 jobs, the sharpest monthly drop in three years, after five months of gains.

Hotels and restaurants added just 4,300 workers, the fewest in six months.

Manufacturing and health care industries each added 22,000 jobs in March. Professional and business services, which includes such fields as accounting and architecture, gained 33,000 positions.

For example, a rising number of working-age Americans have begun looking for a job and finding one, reversing a trend from the first few years after the recession when numerous unemployed grew discouraged and stopped looking for work. In March, the Fed announced to raised interest rate to a range of 1.5 percent to 1.75 percent, marking the sixth time since the financial crisis that it has raised rates.

That was a slight acceleration from the previous month, but still below the rate of increase when the unemployment rate was last at this level. "If anything, the wage data are beginning to strengthen the argument for three more hikes this year".

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