The Labor Department says the unemployment rate stayed at 3.8%, near the lowest level in almost 50 years
WASHINGTON — Hiring rebounded in March as U.S. employers added a solid 196,000 jobs, up sharply from February’s scant gain and evidence that many businesses still want to hire despite signs that the economy is slowing.
So far this year, job gains have averaged 180,000 a month, easily enough to lower the unemployment rate over time, though down from a 223,000 average last year. Consumers have shown caution so far this year. Retail sales fell in February, and a broader measure of consumer spending slipped in January, potentially reflecting a waning effect of the Trump administration’s tax cuts. Businesses have also reined in their spending on industrial machinery and other equipment and on factories and other buildings.
Economists now forecast that the U.S. economy will expand roughly 2% to 2.5% this year, down from 2.9% last year. Still, most economists have forecast a bounce-back in hiring in March to about 170,000 added jobs, according to data provider FactSet. The unemployment rate is expected to remain near a half-century low of 3.8%.
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