March Jobs Report: Everything You Need to Know

Posted April 08, 2018

With labor market slack diminishing, wage growth picked up a bit in March.

"The strong job market does appear to be drawing back some people who have been out of the labor force for a significant time", Federal Reserve Chairman Jerome Powell said Friday.

March's job growth was below the 202,000 average of the past three months and matched to the roughly 100,000 jobs per month needed to keep up with growth in the working-age population. March's report is also a big slowdown from February and represented the fewest jobs created in six months. Manufacturing employment rose by 22,000 jobs in March, and the economy has added 263,000 manufacturing jobs since President Trump took office after experiencing a net job loss of 1,000 jobs per month in the previous year of the Obama Administration.

Earlier, Economists had predicted 185,000 jobs.

The Bureau of Labour Statistics, which released the figures, said that the number of new jobs averaged 201,000 over the first quarter, an improvement on the 182,000 past year.

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Worries about tariffs haven't dampened the need for workers, Frankiewicz said, but they could be keeping pay down.

But the unemployment rate remained 4.1 percent, a 17-year low, the government said.

Job creation since then has been in line with analysts' expectations, with the latest gains driven mostly by the hiring of full-time staff. Daniel's firm, based in Herndon, Va., 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.

The company now offers a 401 (k) to all employees after 30 days on the job and provides a prescription drug discount card.

Some of the drop-off in hiring for March was likely weather-related, with late spring snowstorms blanketing the Northeast, closing construction sites and potentially postponing shopping trips. Construction employment declined by 15,000 jobs. Leisure and hospitality employers added only 5,000 jobs last month, the least since September.

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Some higher-paying sectors posted solid gains: Manufacturers added 22,000 jobs. Business services gained 33,000.

Over the past three years, Ontario's economy has outperformed all G7 countries in terms of real GDP growth.

But he also noted that "other measures continue to suggest" that there are more workers available than the unemployment rate might indicate.

The proportion of adults in their prime working years - defined as ages 25 to 54 - who are either working or looking for jobs reached the highest level in almost seven years in February, before declining last month.

The US central bank had increased borrowing costs last month and forecast two more interest rate hikes this year.

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