Job Growth Slows in March; Unemployment Rate Ticks Lower to 8.2%
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Labor Department data Friday showed worse-than-expected gains in two of three key sectors of the economy during March. Growth slowed sharply from upwardly-revised figures in February.
The nonfarm sector added 120,000 jobs last month, well below the economist estimate of 205,000, and down from a 240,000 gain in February. Private sector payrolls showed 121,000 job gains, down 112,000 from 233,000 in February. The Street was looking for a gain of about 215,000. The manufacturing sector did serve as a bright spot in the report, adding a better-than-expected 37,000 jobs during March.
The unemployment rate fell modestly from 8.3 percent in February to 8.2 percent last month. Economists were expecting a reading of 8.3 percent.
Job growth at companies in the service industry was 89,000, down from a gain of 211,000 in the prior month.
With the Fed's latest action being a suggestion away from further quantitative easing, investors will be watching Chief Ben Bernanke even more closely as job growth seems to be hitting another speed bump.
The nonfarm sector added 120,000 jobs last month, well below the economist estimate of 205,000, and down from a 240,000 gain in February. Private sector payrolls showed 121,000 job gains, down 112,000 from 233,000 in February. The Street was looking for a gain of about 215,000. The manufacturing sector did serve as a bright spot in the report, adding a better-than-expected 37,000 jobs during March.
The unemployment rate fell modestly from 8.3 percent in February to 8.2 percent last month. Economists were expecting a reading of 8.3 percent.
Job growth at companies in the service industry was 89,000, down from a gain of 211,000 in the prior month.
With the Fed's latest action being a suggestion away from further quantitative easing, investors will be watching Chief Ben Bernanke even more closely as job growth seems to be hitting another speed bump.
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