Friday, 20 April, 2018

USA job growth slowed sharply in March

March Jobs Report: Everything You Need to Know US adds 103000 jobs in March, falling short of expectations
Heather Davidson | 08 April, 2018, 01:01

Both manufacturing and mining and logging industries experienced significant job growth in March. The job market is widely regarded to be close to full employment. For the entire first quarter, job growth has averaged about 202,000 a month, enough to keep up with the growing workforce population - and then some. That's good news to economists, who want to see the labor force participation rate return to pre-recession levels of about 66 percent. Average hourly pay ticked up, climbing 2.7 percent compared with a year earlier. More than 2.5 million jobs have been added to the economy since President Trump took office in January 2017 and almost 3 million have been added since his election in November 2016.

Non-farm payrolls increased by 103,000 last month, with construction and retail sectors shedding jobs, the Labour Department had said on Friday.

Employment in Ontario increased by 10,600 jobs in March and the unemployment rate remained unchanged at 5.5 per cent, the lowest it has been since July 2000.

"The US economy is still maintaining a healthy pace of expansion", said Sam Bullard, a senior economist at Wells Fargo. Daniel's firm, based in Herndon, Virginia, provides services to hospitals, such as valet parking and "sitters", who stay with elderly or mentally ill patients after they've been sent home from operations.

"Across the board, hiring is a challenge", Daniel said.

It's a big change, Daniel said, from a decade ago, when the company offered no benefits at all.

Snowstorms and floods in the northeast are likely to have played a part in the weaker gain in March, with jobs in the construction sector falling by 15,000.

Jobs were not added across the board, as they were in previous months. Professional and business services, which includes such fields as accounting and architecture, gained 33,000 positions. Other factors are going to boost the economy as well and the fact that the United States economy grew at a faster pace in the last quarter of 2017 is proof that it is also going to do well in the years to come.

For example, a rising number of working-age Americans have begun looking for a job and finding one, reversing a trend from the first few years after the recession when numerous unemployed grew discouraged and stopped looking for work. "If anything, the wage data are beginning to strengthen the argument for three more hikes this year". In March, the Fed announced to raised interest rate to a range of 1.5 percent to 1.75 percent, marking the sixth time since the financial crisis that it has raised rates.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part time because they can not find full-time employment, fell two-tenths of a percentage point to 8.0 percent last month.

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