United States job growth slowed in March

United States job growth slowed in March

United States job growth slowed in March

Outside of the employment report, initial claims for unemployment insurance remain near multi-decade lows and as a share of employment remain near all-time lows.

"Considering how tight the labor market is in terms of the unemployment rate and [slow] population growth, it's hard to maintain 200,000 jobs being added every month", said Cathy Barrera, chief economist at ZipRecruiter.

However, it could also be that the March job survey is an outlier or suffers from technical issues having to do with seasonal adjustment or survey-response rates and may be revised higher in future months.

Businesses added 103,000 jobs, the Labor Department reported Friday. Monthly payroll gains have averaged 201,000 this year, compared with 182,000 in 2017. But he added: "In my view, if we get into a tariff tussle, it would be the worst scenario for the Fed: It could diminish growth and increase inflation". Manufacturing employment rose by 22,000 jobs in March, and the economy has added 263,000 manufacturing jobs since President Trump took office after experiencing a net job loss of 1,000 jobs per month in the past year of the Obama Administration.

The gain lifted the annual increase in average hourly earnings to 2.7 per cent from 2.6 per cent in February. Both figures were an improvement from February.

"It has had a nice marathon run since June of 2009", Baumohl said of the beginning of the current economic expansion. The job market is widely regarded to be close to full employment. President Trump said Thursday he is considering hitting China with tariffs on $100 billion more of its goods, for a total of $150 billion.

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Treasury yields were staging a slight rally, with the 10-year yield hovering near 2.8% and the 2-year yield sitting near 2.28%.

The result was less than a third of the payroll gains in February and far lower than the 175,000 analysts expected.

By industry, the largest gains were seen in education and health services as well as professional and business services, the two areas that are most often leaders in terms of monthly job gains.

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.

"Even though March was weaker than we were expecting, there is still evidence of an acceleration in the underlying pace of employment growth", Paul Ashworth, chief USA economist at Capital Economics, wrote in a note.

Ashworth added that while March's job gains were weaker than expected, "there is still evidence of an acceleration in the underlying pace of employment growth... looking through the volatility, employment growth is trending higher and wage growth is starting to heat up".

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