+120,000 Jobs for March

The economy added 120,000 nonfarm jobs in March—far less impressive growth than February's 240,000 jobs, which were revised upward from last months estimate of 227,000. The unemployment rate dropped 0.1 percent to 8.2 percent, according to today's Bureau of Labor Statistics report. Economists had predicted that 205,000jobs would be added in March. The numbers released today are far lower than expectations, and the +150,000 threshold needed to keep job growth at pace with population growth. The numbers could be a sign that job growth is slowing—the Federal Reserve has noted that expectations this year should be tempered given weak demand, the still precarious situation in Europe, and gas prices—or that much of the growth of the past few months was seasonal. 

Manufacturing employment went up by 37,000, boosted by growth in the auto industry; health care, financial services, and professional and business services also posted considerable growth. March also marks the 24th month of consecutive job growth in the private sector.


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