Markets

United States adds just 98K jobs; unemployment falls to a low 4.5 pct

United States adds just 98K jobs; unemployment falls to a low 4.5 pct

The unemployment rate fell because almost a half-million more Americans reported finding jobs, the Labor Department said.

In March, employment in professional and business services rose by 56,000, about in line with the average monthly gain over the prior 12 months.

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. Furthermore, the population ratio for prime age adults-a measure of the number of working adults are actually in the labor force-increased to 78.5 percent in this month, alone.

As the number of unemployed workers declines, companies have had to pay more to attract the people they want.

CNNMoney recently profiled an older blue-collar worker in Pennsylvania named Joe who had struggled for years to find a job after the Great Recession.

Effectively, the average hourly earnings rose at an annual pace of roughly 2.7 percent, in March, following that 2.8 percent increase from February.

American job growth slowed sharply last month, surprisingly tumbling to its lowest level in almost a year - although bad weather probably depressed the numbers.

The unemployment rate, which is derived from a separate survey, dropped to 4.5% against expectations for 4.7%. Most of the layoffs were in the retail, telecommunications and education sectors.

The unemployment rate for all Americans declined from 4.7 percent in February to 4.5 percent in March.

In the past eight months, the province has added more than 100,000 net new jobs, "however, our scoring streak of seven straight games with a goal seven straight months of net growth - when you take part-time and full-time together - has come to an end", he added.

Unemployment rates differ by race and sex.

Retail trade didn't see good numbers in February (30,900 jobs were lost), and that was true again in March (29,700 jobs were lost).

Consumer and business sentiment has soared since the November presidential election, but the increased optimism has yet to translate into faster growth or hiring. It stood at 3,900 last month, compared to 2,800 in March 2016.

"If today's decline in the unemployment rate doesn't reverse itself they may be compelled not only to hike but also to signal a faster pace of future tightening", said Michael Feroli, an economist at JPMorgan in NY.

What's more, for the first time in years, overseas growth stands to boost the US economy. That is the lowest such rate in over nine years.


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