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USA job creation tumbles in March; unemployment steady at 4.1%

07 April 2018

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.

Ashworth added that while March's job gains were weaker than expected, "there is still evidence of an acceleration in the underlying pace of employment growth... looking through the volatility, employment growth is trending higher and wage growth is starting to heat up".

Mark Hamrick, senior economic analyst for interest rate tracking website Bankrate.com, said that the March report from the US Labor Department, looked at in isolation, was "on the disappointing side".

Figures released by the Labor Department on Friday showed that non-farm payrolls increased by 103,000 jobs last month.

Employment growth has occurred in many regions across the province; year-over-year increases include Stratford-Bruce Peninsula (7.3 per cent), Toronto (3.4 per cent) and Hamilton-Niagara Peninsula (2.3 per cent). "Over the past 12 months, average hourly earnings have risen by 2.7 percent". The number equates to 2.7 percent on an annualized basis.

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Average hourly earnings rose by 8 cents, settling at $26.82.

The U.S. economy marked its 90th consecutive month of job growth in March, but the U.S. added fewer jobs than had been expected, with a net gain of only 103,000.

With labor market slack diminishing, wage growth picked up a bit in March. The growth has pushed the unemployment rate to its lowest level since 2000.

Hiring has accelerated since last fall, defying expectations that a shortage of workers would make it harder for companies to fill open positions. Economists do not see an impact on hiring in the near-term from the stock market selloff, which has caused a tightening in financial conditions.

The US economy has been adding jobs consistently since 2010, one of the longest expansions on record.

USA job creation tumbles in March; unemployment steady at 4.1%