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US jobs growth slows in March US jobs growth slows in March
(35 minutes later)
US employers added fewer jobs than expected in March, with the economy adding 103,000 posts last month. US job growth slowed sharply in March, as employers added 103,000 positions over the month.
The figure from the Labor Department was below analysts' expectations of about 193,000, and the dollar weakened against major currencies as a result. The figure was smaller than expected, and left the unemployment rate unchanged at 4.1%.
March's figure was a sharp slowdown from the 326,000 jobs that were created in February. Analysts said the cold weather may have contributed to the slowdown, which was anticipated to some degree after February's blockbuster gains.
The unemployment rate remained unchanged at 4.1%.
Manufacturing and health care firms drove the hiring, while most industries saw little change. The construction sector shed jobs.
Analysts said weather may have contributed to the slowdown in job creation, which had been expected to some degree after February's blockbuster gains.
The low unemployment rate may also be making it hard to find workers, they said.The low unemployment rate may also be making it hard to find workers, they said.
Mark Hamrick, senior economic analyst for interest rate tracking website Bankrate.com, said that the March report, looked at in isolation, was "on the disappointing side".
"Broader context is appropriate, however," he added. "The job market is widely regarded to be close to full employment. So, hiring gains should be slowing at this point in the expansion."
Wage growth picks up
The US economy has been adding jobs consistently since 2010, one of the longest expansions on record. The unemployment rate has returned to its lowest level since 2000.
Employers have added an average of 202,000 jobs over the last three months. The Labor Department said the US added 326,000 jobs in February, 13,000 more than previously reported.
Analysts have said the tight labour market conditions should lead to higher wage growth as firms compete for workers.
The average hourly wage for private sector workers was $26.82 in March, up 2.7% from a year ago.The average hourly wage for private sector workers was $26.82 in March, up 2.7% from a year ago.
That was a slight acceleration from the previous month, but still below the rate of increase when the unemployment rate was last at this level.
Manufacturing and health care firms drove the hiring last month, while most industries saw little change. The construction sector shed jobs.