U.S. job growth rebounds in March, but wage gains moderate via ReutersTV
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.
“This was a Goldilocks report, with a rebound in job growth to calm fears of an imminent recession, and wage growth that was solid enough without triggering inflationary concerns,” said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions. “The Fed will be pleased, as it supports their present stance of holding firm on rates.”
Economists polled by Reuters had forecast payrolls increasing by 180,000 jobs last month. The dollar slipped against a basket of currencies on the data, while U.S. Treasury prices trimmed losses. U.S. stock index futures extended gains. That lowered the annual increase in wages to 3.2 percent from 3.4 percent in February, which was the biggest gain since April 2009. Modest wage growth could raise concerns about consumer spending after consumption stalled in January.
There are about 7.58 million open jobs in the economy. Vacancies could remain elevated as 224,000 people dropped out of the labor force last month. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, fell to 63.0 percent in March from 63.2 percent in February, which was the highest in more than five years.
Auto manufacturers have announced thousands of job cuts to deal with slowing sales that have led to an inventory bloat.
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