Published: Fri, April 21, 2017
Business | By Sandy Mccarthy

March Jobs Report: Unemployment Rate Falls but Hiring Slows

March Jobs Report: Unemployment Rate Falls but Hiring Slows

The unemployment rate in March fell to 4.5 percent from February's 4.7 percent, the BLS said in its April 7 report.

According to the US Department of Labor, the world's largest economy created 98,000 jobs in March, falling way short of the 175,000 analysts expected and recording one of the slowest rate of growth in nearly a year.

Courier firms cut 1,200 jobs from February to March. "The unemployment rate was down to its lowest level in nearly a decade".

Average hourly earnings increased 5 cents or 0.2 per cent in March, which lowered the year-on-year increase to 2.7 per cent.

He added, "For now we are forecasting just one additional Fed rate rise this year, but consumer spending will be a key story to watch".

Economists had expected job gains of 5,000 last month and for the unemployment rate to increase to 6.7 per cent, according to Thomson Reuters.

In Buckingham County, the unemployment rate decreased from 6.9 percent in January to 6.2 percent in February.

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"The slowdown in payroll growth is exactly what you would expect when the economy closes in on full employment", he said. Manufacturing employment gained 11,000 jobs, slowing from the 26,000 positions created in February. Retailers slashed their payrolls by almost 30,000, after cutting about 31,000 jobs in February.

Initial jobless claims, a proxy for layoffs across the USA, decreased by 25,000 to a seasonally adjusted 234,000 in the week ended April 1, the Labor Department said Thursday.

Barrie's unemployment rate dipped slightly last month. The difference reflects a little-known aspect of the monthly jobs reports: The count of jobs and the number of people who reported being hired are compiled by two separate surveys.

From February 2016 to February 2017, nonagricultural wage and salary employment grew 45,400.

It was an off month for the labor market as struggling retailers employ fewer workers. Most of the layoffs were in the retail, telecommunications and education sectors.

Employment increased in professional and business services and in mining, but that couldn't offset shrinking employment in the retail sector.

That summary hides a varying trend during that time: unemployment was relatively low for most of Labour's stint, but rose considerably during the recession in the late noughties.

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