Pace of U.S. hiring tumbles, yet jobless rate hits 10-year low

US weekly jobless claims post largest drop in almost two years

After months of pumping out new jobs at a steady clip, the world's largest economy added only 98,000 net new positions last month, the Labor Department reported Friday - a figure far below analyst expectations.

But the lack of booming jobs numbers will need to be carefully massaged by the White House, after President Trump spent much of 2016 describing the USA economy in dire terms and claiming the employment gains reported under the Obama administration were a mirage.

"For the Fed, the unemployment rate is the ultimate arbiter of the tightness of the labor market, and the prospect of the rate continuing to fall towards 4% will be very disconcerting", he wrote.

But in a sign there is still slack in the economy, the hourly wages of permanent employees rose by just 0.9 percent from March 2016. Temporary help employment was up 3.8% y/y, with monthly job gains averaging approximately 9,200 over the past 12 months.

In March construction companies added just 6,000 jobs, the fewest in seven months and 52,000 fewer than in February. Bloomberg said the fact that the jobless rate fell even as job creation did suggests that the market is returning to more normal conditions.

Hiring is believed to have been affected in March by weather-related factors.

Overall job growth in March was well below the 219,000 figure from the previous month.

South Africans hold nationwide protests against President Jacob Zuma
Standard and Poor's downgraded South Africa to #junkstatus shortly after, and Fitch followed suit. The group said the protests were not about removing the ANC as the ruling party.

The most impressive performance was delivered by the construction sector which added 58,000 jobs - the best in a decade, thanks to the unusually warmer weather which generally allow projects to start sooner.

U.S. President Donald Trump acknowledges auto workers at the American Center for Mobility March 15, 2017 in Ypsilanti, Michigan. People are counted as unemployed only if they're actively seeking work.

Retail payrolls fell 29,700, declining for a second straight month.

Job growth for education and health services also decelerated fairly dramatically.

The PayScale Index, which measures the change in wages for employed US workers, forecast 3.2 percent year-over-year wage growth for Q1 2017. Meanwhile, online retailers, the big competitors to physical stores, gained 2,200 jobs.

The retail sector continued to struggle last month. In February 2016, the unemployment rate for the Charlottesville MSA was 3.5 percent.

Related News:

  • Donald Trump signs executive order targeting H-1B visa used by Indians

    Donald Trump signs executive order targeting H-1B visa used by Indians

    H-1B visas are used primarily by technology companies to bring workers with highly specialized skills to the United States. They would also be asked to offer changes so that H-1B visas are awarded to the 'most-skilled or highest-paid applicants'.
    Giant Asteroid Zooms Relatively Close To Earth

    Giant Asteroid Zooms Relatively Close To Earth

    In 2027, the half-mile wide asteroid is predicted to pass closer to the Earth than the Moon, coming within 236,000 miles of Earth. After Wednesday's flyby, stargazers may be able to see the asteroid with a small telescope for the next 1-2 nights.
    73-year-old Lauren Hutton stars in Calvin Klein underwear ad

    73-year-old Lauren Hutton stars in Calvin Klein underwear ad

    Hutton is joined by Hollywood celebrities such as Rashida Jones , Kirsten Dunst and Chase Sui Wonders . Later, she's seen standing in the same slouchy shirt, showing off her mega-watt smile.
  • Statement: US national security adviser arrives s Kabul

    Statement: US national security adviser arrives s Kabul

    However, the figures released in April 2017 of security-related aid that the Trump administration has requested from the U.S. Congress for Pakistan indicate the U.S. government has not decreased its allocations for the upcoming year.
    'Unbreakable Kimmy Schmidt' Season 3 Trailer Goes to College

    'Unbreakable Kimmy Schmidt' Season 3 Trailer Goes to College

    Kimmy (Ellie Kemper ) might be breaking new ground, but rest assured Titus Andromedon (Tituss Burgess ) is still, well, Titus. Oh, Kimmy , how I've missed you.
    Fox to investigate sexual harassment claim against O'Reilly

    Fox to investigate sexual harassment claim against O'Reilly

    O'Reilly has denied all allegations, and the network has stood by him, even after a New York Times report on the settlements last week started an advertising exodus from his show.
  • Fuel outlets to remain shut on Sundays from May 14

    Fuel outlets to remain shut on Sundays from May 14

    He added that petrol pumps in the seven states and Puducherry will work from May 15 only on single shift - 9 a.m.to 6 p.m. Murali said there were around 4,850 outlets selling petrol and diesel in Tamil Nadu and Puducherry alone.

    Trump promises to find solution for Wisconsin and New York dairy farmers

    The move comes as 75 Wisconsin dairy farms won't have buyers for their milk beginning May 1st because of the restrictions. President Donald Trump's protectionist speech in Wisconsin included a harsh and direct attack on trade with Canada.
    Apple to drastically cut royalties to Imagination Technologies, says UBS

    Apple to drastically cut royalties to Imagination Technologies, says UBS

    Apple, reportedly is testing features like a new screen type, a curved display, a stainless steel chassis, and improved cameras. He feels that Apple stock is now undervaluing a return to growth for the iPhone and an ever-growing subscriber base.
  • Uma Bharti cancels her Ayodhya visit

    Uma Bharti cancels her Ayodhya visit

    The firebrand leader said she will leave for Ayodhya tonight to seek Lord Ram's blessings for the construction of a temple.
    Israeli defense officials: Assad still has chemical weapons

    Israeli defense officials: Assad still has chemical weapons

    Zaher al-Sakat said the Syrian government still possessed hundreds of tons of chemical weapons. Syria's President Bashar al-Assad is denying allegations that chemical weapons were used.
    Allen returning to Duke for senior season

    Allen returning to Duke for senior season

    Allen served a one-game suspension after again tripping an opponent, and he battled nagging injuries throughout the season. Allen and fellow guard Frank Jackson are the only players on the roster who averaged more than 8 minutes of court time.


Most liked

Sensex retreats for 3rd day on muted global cues
In the day's trade, the barometer 30-scrip sensitive index had touched a high of 29,388.25 points and a low of 29,241.48 points. The U.S. markets will reopen later today after Friday's holiday, while most European markets remained closed for Easter Monday.

Support grows for family of Facebook murder victim
In the video, Stephens told Mr Godwin the name of his girlfriend and said: "She's the reason that this is about to happen to you". Stephens also claimed he had killed more people, but Cleveland Police say they have no known additional victims linked to him.

Bayern's Neuer out for rest of season with foot fracture
See Cristiano Ronaldo's post-match changing room celebrations with his teammates after scoring 100 Champions League goals. Bayern lost 4-2 in extra time at Real Madrid to go out of the Champions League quarterfinals 6-3 on aggregate.

New Zealanders brace for 2nd major storm in just over a week
The worst of the weather was expected to hit Thursday afternoon through Friday night. The path of the storm included the Coromandel and the Bay of Plenty regions.

Thurrock Labour welcome the news of a General Election
But that also means that there are 25 Conservative-held seats where the Lib Dems need a swing of less than 10 percentage points to win.

Facebook murder suspect kills himself after police pursuit
Within a day, authorities expanded the search nationwide and offered a $50,000 reward for information leading to his capture. When Stephens ordered, the employee stalled by giving him his chicken nuggets but told him his fries weren't ready yet.

Trump administration says Iran complying with nuclear deal
He had said in January of 2016 after the deal was implemented that "Iran will not get its hands on a nuclear bomb". US Secretary of State Rex Tillerson on Tuesday sent a letter to Speaker of the House of Representatives Rep.

Warren Gatland reveals hardest decisions in Lions squad
The Wales flanker will be the second player to captain the Lions twice, after England great Martin Johnson (1997, 2001). Scotland have just two representatives in Stuart Hogg , a likely starter at full-back, and fellow back Tommy Seymour .

US VP Pence assures Japan: America is with you '100 percent'
Trump campaigned on an "America first" platform, and has vowed to narrow big trade deficits with nations such as China and Japan. The North has said such launches are an act of deterrence against a potential invasion by the United States or South Korea.

Trump Considering Sanctions Against Russia, Iran for Supporting Syria
The suspected chemical attack on Khan Sheikhoun on Wednesday left 89 people dead. "I think we ought to ask them that question". McMaster said the United States was "prepared to do more" regarding military action in Syria if necessary.

Westbrook ties Robertson in win
The Bucks are 40-38 on the season with four games left to play. "The crowd was screaming it, so yeah I heard it", Westbrook said. James registered 18 points, 11 rebounds , and 11 assists in 37 minutes for his 12th triple-double this season.

The Fate of the Furious breaks global box office record
Actress Charlize Theron attends the " Fast & Furious 8 " photocall at the Villamagna Hotel on April 6, 2017 in Madrid, Spain. The recent installments have improved in quality, receiving much higher scores with critics than the first four films.

Rockets overcome Westbrook's 51, take 2-0 lead over Thunder
Meanwhile, the Oklahoma City Thunder will be feeling demoralised with the loss as they were in control for most of the game. Patrick Beverley also added 15 points, six rebounds and four assists for his second straight strong effort.

Palestinian prisoners on mass hunger strike
The prisoners also demand to have periodic medical checkups and to increase the number of visits by the International Red Cross. Hundreds of Palestinian prisoners began a mass open-ended hunger strike Monday to protest Israel's detention policies.

NCAA Names Hosts for 2019 & 2020 NCAA D3 Swimming Championships
Omaha will be the volleyball championship site for the fourth time since 2006, the most of any host location. A pair of NCAA championship events previously hosted at the CenturyLink Center are coming back in 2020.