News Worms
News Worms

U.S. Job Growth Slows Much More Than Expected In March

U.S. Job Growth Slows Much More Than Expected In March

The U.S. unemployment rate fell to 4.5 percent in March, the lowest level in almost a decade, from 4.7 percent, and an encouraging sign for the job market.

The Department of Labor also revised down the job growth for January and February by a combined 38,000 in the new statistics.

Nonetheless, the unemployment rate was the lowest since May of 2007. Another view on the labor force participation rate remained flat at 63.0% in March, and the employment-population ratio was at 60.1%.

In March, the average hourly earnings rose 5 cents to 26.14 US dollars, following a 6-cent increase in February.

President Trump has set a lofty goal of creating 25 million jobs over the next decade, and so far 317,000 jobs have been added in his first two full months in office.

Across West Virginia, the goods-producing sector reported employment gains of 300 in mining and logging, 700 in construction and 400 in manufacturing.

Still, some areas of the economy are humming: Developers are building more homes, with construction starts up 7.5 percent in January and February compared with a year earlier. Although jobs were added in March, there the industry saw a dramatic slowdown. In March, 11,000 manufacturing jobs were created, whereas in February, 26,000 jobs were created. Yet employers added just a meager 98,000 jobs - barely half the pace of January and February. The number of long-term unemployed folks was unchanged at 1.7 million, and the number of those working part-time who wanted to work full-time barely budged at 5.6 million. The average hourly earnings of private-sector production and nonsupervisory employees rose four cents to $21.90.

The household survey, unlike the payroll survey, captures farm workers, the self-employed and people who work for new companies. Retailers, suffering from the shift to online shopping, slashed 30,000 jobs. Most of the layoffs were in the retail, telecommunications and education sectors.

Unemployment rates generally fell from the time of Labour taking power in 1997, rising after 2005.

Initial jobless claims, a proxy for layoffs across the US, decreased by 25,000 to a seasonally adjusted 234,000 in the week ended April 1, the Labor Department said Thursday. But wage growth has been relatively flat since the recession despite the steady increase in jobs.

Unemployment rates differ by race and sex. Employment gains in educational and health services (+13,600), trade, transportation, and utilities (+9,900), financial activities (+6,700), leisure and hospitality (+5,200), professional and business services (+1,700), and information (+600) exceeded losses in other services (-1,600).


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