March US job growth slower than expected

Posted April 08, 2018

Earlier, Economists had predicted 185,000 jobs.

The unemployment rate stayed at 4.1%, the lowest since 2000.

The rate has come down steadily from a peak of 10 percent in 2009.

The unemployment rate is expected to dip to 4% and average hourly earnings to rise 0.3% after February's 0.1% increase.

More news: Dwayne "The Rock" Johnson Talks Depression, Urges Others to "Open Up"

As for March's jobs report, economists are expecting around 190,000 jobs to have been added, down from February's surprisingly robust 313,000 additions.

Responding to Trump's first round of proposed tariffs, Chinese officials earlier this week announced they would apply tariffs on $50 billion of USA exports to China. The tariffs apply to most nations, though Trump has granted exemptions to six nations and the European Union.

With layoffs at historic low levels, the sharp slowdown in job growth is likely to be temporary. The Labor Department does its monthly surveys around the 12th day in every month.

On the corporate front, fashion retailer Urban Outfitters Inc (NASDAQ:URBN) dipped 1.5% to US$37.99 in pre-market trading after it was announced that David McCreight, the chief executive officer and president of the retailer's Anthropologie unit, would leave the company at the end of this month. In the entire job market, "you're not going to lose 100,000 jobs because of people not adding [jobs] to steel and aluminum mills". Job growth is also moderating as the labor market hits full employment.

More news: Lula can be jailed

"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.

Jobs were not added across the board, as they were in previous months.

Some higher-paying sectors posted solid gains: Manufacturers added 22,000 jobs. Professional and business services, which includes fields such as accounting and architecture, gained 33,000 positions. But retail businesses shed 4,000 jobs and construction companies lost 15,000 workers after going on a hiring spree in February. That was the smallest gain since last September and followed a 326,000 surge in February, which was the largest in more than two years. 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.

"This morning's figures may suggest a little less momentum heading into the second quarter, but taken with other data, the continued expansion in total hours worked points to a modest acceleration in activity this quarter, provided we manage to avoid shooting ourselves in the foot on trade policy", said Michael Feroli, an economist at JPMorgan in NY.

More news: Dana White Conor McGregor Is 'Going to Jail' Fighting Future in Jeopardy