U.S. employment growth likely rebounded from a 17-month low in March as milder weather boosted activity in sectors like construction, which could ...
WASHINGTON: U.S. employment growth accelerated from a 17-month low in March as milder weather boosted hiring in sectors like construction, which could further allay fears of an abrupt slowdown in economic activity in the first quarter.
Nonfarm payrolls rose by 196,000 jobs last month. Data for February was revised modestly up to show payrolls advancing by 33,000 jobs instead of the previously reported 20,000. February job gains were the smallest since September 2017. Growth forecasts for the first quarter are between a 1.4 percent and 2.1 percent annualized rate. The economy grew at a 2.2 percent rate in the fourth quarter, stepping down from the July-September quarter's brisk 3.4 percent pace.Average hourly earnings increased by four cents, or 0.1 percent in March after jumping 0.4 percent in February.
Though monthly job gains have moderated from an average of about 223,000 in 2018, they remain above the roughly 100,000 per month needed to keep up with growth in the working-age population. The manufacturing sector lost 6,000 jobs in March, the first decline in factory payrolls since July 2017. Factory payrolls rose 1,000 in February. Employment at motor vehicle assembly plants fell by 6,300 jobs last month.
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