March Jobs Report: Everything You Need to Know

March Jobs Report: Everything You Need to Know

March Jobs Report: Everything You Need to Know

The Bureau of Labour Statistics, which released the figures, said that the number of new jobs averaged 201,000 over the first quarter, an improvement on the 182,000 a year ago. Constructions firms shed 15,000 jobs one month after posting the biggest gain in 11 years. Employers have added a healthy average of 211,000 jobs a month in the past six months.

The unemployment rate in March was unchanged at 4.1%, the bureau said in a statement.

More people who had given up looking for work are renewing their job hunts, more employees are confident enough to quit to look for other jobs and pay is gradually picking up.

"The strong job market does appear to be drawing back some people who have been out of the labor force for a significant time", Federal Reserve Chairman Jerome Powell said Friday. Average hourly earnings rose 0.3 percent after increasing 0.1 percent in February.

The gain lifted the annual increase in average hourly earnings to 2.7 per cent from 2.6 per cent in February. 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.

The US central bank had increased borrowing costs last month and forecast two more interest rate hikes this year. "If anything, the wage data are beginning to strengthen the argument for three more hikes this year".

That job gain was less than what was reported in February and missed expectations.

President Trump said Thursday that the United States would consider slapping tariffs on an additional $100 billion in Chinese goods, escalating the dispute with Beijing. Additionally, weekly hours worked, which some economists had expected to decline on account of poor weather in March, held steady at 34.5. Non-durable goods broke even on jobs, with no net gain.

In March, employment increased for women aged 25 to 54 years while it fell for men in this core population. The number equates to 2.7 percent on an annualized basis. "It stood at 62.9 percent in March, slightly higher than January's 62.7 percent".

The economy grew at a 2.9 per cent pace in the fourth quarter.

A robust labor market is likely to keep the US economy growing through next year, with recent tax cuts and higher government spending adding to the tailwind. A year ago, the rate was 4.5 percent. Employment increased in manufacturing, health care, and mining.

Temporary help, seen as a harbinger of future permanent hiring, slipped by 600. Within that category, motorized vehicles and parts added 3300 jobs.

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