Only 98000 New Jobs Were Created In March, Labor Department Says

Only 98000 New Jobs Were Created In March, Labor Department Says

Jobs declined by 30,000 in the retail sector. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. It was barely half the previous month's gain.

This time past year, 600 jobs were lost in March, pushing the unemployment rate up to 10.2 per cent in New Brunswick, from 8.9 per cent the month before.

But economists surveyed by Bloomberg had expected 175,000 jobs to be added in the month. We really should be averaging 246,000 new jobs per month to close it in a reasonable time frame, and we're not. Still, the nation has added 178,000 new jobs on average over the past three months, far above what economists say is the pace necessary to keep up with population growth. "What we see is strength across the board". Many economists did not expect the sector to maintain the kind of gains it saw in February as robots play an increasing role and even amid promises from Washington to create many more manufacturing jobs.

Professional and business services added 56,000 jobs last month, in line with monthly averages for the past year. But the jobs of retail salesperson and retail cashier are the two most common in the country.

The unemployment rate fell because almost a half-million more Americans reported finding jobs, the Labor Department said.

That's down from a peak in 2010 of 17.1 percent.

"The persistent slowdown in wages is a concern, and likely reflects the ongoing shift from high-paying resource sector jobs to other positions", he said.

US factories expand again in March but at slower pace
The reports pointed to strong economic fundamentals, despite growth appearing to have slowed sharply in the first quarter. The services sector recorded the highest growth, of 6.52 per cent, representing 2.65 percentage points of total value.

The unemployment rate, which is derived from a separate survey, dropped to 4.5% against expectations for 4.7%.

Only two days ago the president took to Twitter to post: "JOBS, JOBS, JOBS!" and list the hiring decisions of major U.S. firms since his election. Trump has pledged to pursue pro-growth policies such as tax cuts and deregulation. Late a year ago, they began rising a slightly higher pace. Consumers actually slowed their spending in January and February, when adjusted for inflation. That lowered the year-on-year gain in wages to 2.7 percent.

Mohamed El-Erian, chief economic adviser at Allianz, discusses the March jobs report.

Still, wage growth needs time to recover as does the share of workers employed so household incomes can recover to their 1999 peak.

"If you're getting a reduced unemployment rate because of part-time jobs, it's better, but it's not what people think of as good growth in employment opportunity", said Emery.

The unemployment rate dropped to 4.5 percent - down from 4.7 percent in February. Many traditional stores are struggling to compete with Amazon.

Economists attribute some of the improvement in the participation rate to President Donald Trump's electoral victory last November, which might have caused some unemployed Americans to believe their job prospects would improve. Clothiers let go of 5,800. Over January and February, the combined jobs in those industries increased by an average of 70,000 - then fell by 15,000 in March.