Job market rebounds with 196K new positions; economy shows signs of slowing

Job market rebounds with 196K new positions; economy shows signs of slowing

The Bureau of Labor Statistics reported the economy added 196,000 jobs in March, a sharp bounce back from the 20,000 originally reported for February. The services sectors of business, building and support, health care and accommodation and food services saw the largest monthly declines, the report said.

The unemployment rate held steady at 3.8 percent in March, with the number of unemployed Americans essentially unchanged from February at 6.2 million. Wage gains rose 0.14 percent last month with paychecks 3.2 percent bigger, year-over-year.

Economists on average had expected a gain of 1,000 jobs in March and an unemployment rate of 5.8 per cent, according to Thomson Reuters Eikon.

The labor force participation rate was also little changed, at 63 percent, and has shown nearly no movement over the last 12 months. The employment-population ratio was 60.6% in March and has been either 60.6% or 60.7% since October 2018. Construction employment changed little in March, adding 16,000 jobs.

It was only a matter of time before Canada's jobs market cooled after a sharp rise in employment in recent months, particularly as other indicators have showed a much weaker picture.

This was the lowest unemployment rate in MA in 15 years.

Canada's economy lost a net 7,200 jobs in March, largely in full-time work, Statistics Canada said on Friday. In the 12 months prior to February, manufacturing had added an average of 22,000 jobs per month.

People wait in line for resume critique and career assessment sessions at the 2014 Spring National Job Fair and Training Expo in Toronto, April 3, 2014. Employment continued to trend up in architectural and engineering services (+6,000) and in management and technical consulting services (+6,000).

For the Bank of Canada, the key area of today's report is likely wages, where growth was effectively unchanged at 2.3% y/y. Restaurants added 27,300 jobs, in line with its average 25,700 jobs over the previous year. Employment is now 35,900 (0.2 percent) below year-ago levels.

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