The U.S. economy added 236,000 new jobs in March, below the market estimate of 239,000, according to the Bureau of Labor Statistics (BLS). This was also down from the 326,000 new jobs that were created in February.
The unemployment rate edged down to 3.5 percent, down from 3.6 percent. This came in below economists’ expectations of 3.6 percent. The labor force participation rate edged up to 62.6 percent, up from 62.5 percent.
Average hourly earnings rose 0.3 percent month-over-month, up from 0.2 percent. On a year-over-year basis, average hourly earnings slowed to 4.2 percent, down from 4.6 percent. Average weekly hours dipped to 34.4, down from 34.5.
Leisure and hospitality led the way, with 72,000 new jobs. This was followed by government employment (47,000), professional and business services (39,000), and health care (34,000). Transportation and warehousing added 10,000 positions….