USA job creation tumbles in March; unemployment steady at 4.1%
USA job creation tumbles in March; unemployment steady at 4.1%
President Trump has focused heavily on tariffs which worries some employers
07 April, 2018, 13:59
US hiring increased the smallest in six months in March, while wages picked up, signaling a still tightening labor market.
Temperatures returned to normal in March, with snowstorms in some parts of the country. Constructions firms shed 15,000 jobs one month after posting the biggest gain in 11 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.
American manufacturers, meanwhile, kept adding a healthy number of jobs last month.
The national unemployment rate for March, 4.1 percent, was steady for the sixth consecutive month. the number of jobless changed little.
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The low unemployment rate may also be making it hard to find workers, they said.
With labor market slack diminishing, wage growth picked up a bit in March. Average hourly earnings rose 0.3 percent after increasing 0.1 percent in February. Annual wage growth is inching closer to the pace of at least 3 per cent economists say is needed to lift inflation toward the Fed's 2 per cent target. However, it's a rather stunning drop from February's breakout numbers and might suggest that recent economic policy moves have employers pulling back on risk. Economists are stumped about why worker pay isn't growing faster, given that unemployment is at its lowest rate in 18 years. "If anything, the wage data are beginning to strengthen the argument for three more hikes this year". With these revisions, employment gains in January and February combined were 50,000 less than previously reported.
President Trump said on Thursday that he is considering hitting China with tariffs on $100 billion more of its goods, for a total of $150 billion. That runs counter to economists' expectation for hiring to broadly ease as the labor market tightens.
The average workweek for all employees was unchanged at 34.5 hours in March.
Ontario has added more than 800,000 net new jobs since the recession. The figure fell short of economists' estimate of a 193,000 increase. "It stood at 62.9 percent in March, slightly higher than January's 62.7 percent".
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