WASHINGTON—The U.S. economy added fewer jobs in March, a sign of weaker growth heading into the spring.
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Employers added 88,000 jobs last month,
the Labor Department said Friday. The unemployment rate, obtained by a
separate survey of U.S. households, fell one-tenth of a percentage point
to 7.6%.
Economists surveyed by Dow Jones Newswires expected that nonfarm payrolls would rise by 200,000 and the unemployment rate would hold steady at 7.7%
Offsetting some of March's weakness, February payrolls were revised up to a gain of 268,000 from the originally reported 236,000, while January was revised to a gain of 148,000 from the previously reported 119,000.
The latest snapshot of the labor market comes
amid an array of economic cross-currents. Business and consumer
spending has been solid, and the housing market has strengthened this
year. But higher taxes and federal-government spending cuts, known as
the sequester, may be starting to affect the economy. Separate reports
this week showed that manufacturing and service-sector activity
decelerated in March.
March's labor-market numbers—which showed the weakest job creation since June 2012—reflect the recent data suggesting slower economic growth.
Private companies added 95,000 jobs, accounting for all of March's gains. Employment increased in professional and business services such as accounting, health care and construction. Manufacturers cut 3,000 jobs, and retailers slashed about 24,000 positions.
Federal-government payrolls, meanwhile, tumbled by 14,000. Local governments also trimmed payrolls, while states added positions.
And while the unemployment rate fell to
its lowest level since December 2008, the move was for the wrong
reasons. About 496,000 people dropped out of the work force. There were
11.7 million workers who wanted a job but couldn't find one last month.
The Federal Reserve expects the jobless rate to decline only gradually, and most officials there want to hold interest rates near zero until unemployment falls to 6.5%. Fed policy makers have signaled they will continue the central bank's stimulus programs, which include $85 billion a month in bond purchases, until they see a "substantial" improvement in the labor market.
Friday's report also said that average earnings rose one cent to $23.82 an hour, while the average workweek increased 0.1 hour to 34.6 hours. Wage gains help consumers maintain spending.
A broader measure of unemployment—which includes job seekers as well as those in part-time jobs—fell to 13.8% in March from 14.3% the prior month.
SOURCE : http://online.wsj.com/article/SB10001424127887324600704578404271558802706.html
Economists surveyed by Dow Jones Newswires expected that nonfarm payrolls would rise by 200,000 and the unemployment rate would hold steady at 7.7%
Offsetting some of March's weakness, February payrolls were revised up to a gain of 268,000 from the originally reported 236,000, while January was revised to a gain of 148,000 from the previously reported 119,000.
March's labor-market numbers—which showed the weakest job creation since June 2012—reflect the recent data suggesting slower economic growth.
Private companies added 95,000 jobs, accounting for all of March's gains. Employment increased in professional and business services such as accounting, health care and construction. Manufacturers cut 3,000 jobs, and retailers slashed about 24,000 positions.
Federal-government payrolls, meanwhile, tumbled by 14,000. Local governments also trimmed payrolls, while states added positions.
Getty Images
Employers added 88,000 jobs
last month, fewer than the 200,000 expected. In March, veterans attended
a jobs fair at the University of Southern California in Los Angeles.
The Federal Reserve expects the jobless rate to decline only gradually, and most officials there want to hold interest rates near zero until unemployment falls to 6.5%. Fed policy makers have signaled they will continue the central bank's stimulus programs, which include $85 billion a month in bond purchases, until they see a "substantial" improvement in the labor market.
Friday's report also said that average earnings rose one cent to $23.82 an hour, while the average workweek increased 0.1 hour to 34.6 hours. Wage gains help consumers maintain spending.
A broader measure of unemployment—which includes job seekers as well as those in part-time jobs—fell to 13.8% in March from 14.3% the prior month.
SOURCE : http://online.wsj.com/article/SB10001424127887324600704578404271558802706.html
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