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Jobs growth slowed in March, 98000 vs 180000 expected

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Bonobos manager Stephen Lusardi arranges clothing at the brand's Guideshop in New York's Financial District. The U.S. government issues the March jobs report Friday

Health care and social assistance added a robust 16,700 jobs in March while manufacturers added 11,000, the fifth consecutive monthly gain for the factory sector.

Indeed, as the labor market continues to tighten and employers find it more hard to find skilled workers, they will likely continue to respond by raising wages - which is good news not only for households, but for the Federal Reserve, which has been on the hunt for higher inflation rates as it presses forward on its rate-rise path this year, said Luke Bartholomew, investment strategist at Aberdeen Asset Management.

In the past eight months, the province has added more than 100,000 net new jobs, "however, our scoring streak of seven straight games with a goal seven straight months of net growth - when you take part-time and full-time together - has come to an end", he added. America only added 98,000 jobs, according to the Labor Department. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months.

Retail trade weakened in March, losing 30,000 jobs as employment in general merchandise stores also declined by 35,000.

It's a disappointment, given the US added 219,000 jobs in February and averaged 187,000 new jobs a month a year ago. The March figure is a drop from the 2.8 percent nominal annual wage growth recorded in February.

The report found that 95 per cent of all new jobs created last month were full-time.

It its jobs report Friday, the government also revised down the job growth for January and February by a combined 38,000.

On average, economists surveyed by Bloomberg had expected the Canadian economy to add 5,930 new jobs for the month.

Meanwhile, hourly pay increased 2.7% over 12 months, down from the 2.8% recorded in February. while the average U.S. workers worked a total of 34.3 hours per week, unchanged from the previous month. The historical databases were unavailable this morning, so the U-6 number was not accessible, but the drop in the U-3 number would suggest that it remained stable from last month, at least.

However, hiring slowed substantially in March, President Trump's second full month in office. The unemployment rate has been five percent or lower for well over a year. The yield on the benchmark 10-year Treasury got as low as 2.27% shortly after the report, the lowest level since mid-March.

Should that trend continue, it could help sustain brisk job growth.

That summary hides a varying trend during that time: unemployment was relatively low for most of Labour's stint, but rose considerably during the recession in the late noughties.

Yet unemployment dropped from 4.7 percent, reaching its lowest point since May 2007.

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