Payroll Gains Slow, U.S. Jobless Rate at Lowest Since 2007
- Wages rise 2.7% from year earlier following 2.8% increase
- Construction jobs slow amid weather; retailers pare positions
U.S. Adds 98,000 Jobs in March, Jobless Rate at 4.5%
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U.S. payroll gains slowed in March while the jobless rate unexpectedly dropped to the lowest in almost a decade, suggesting the labor market is returning to a more sustainable pace of progress.
The 98,000 increase followed a 219,000 rise in February that was less than previously estimated, a Labor Department report showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 180,000 advance. The unemployment rate fell to 4.5 percent from 4.7 percent, and wage gains slowed to a 2.7 percent year-over-year pace.