April 7 (UPI) — The U.S. economy grew by 98,000 jobs in March, the Labor Department reported Friday, significantly fewer than economists expected.
After gains of over 200,000 jobs in each of January and February, the March figure was expected to be about 180,000, The New York Times reported Friday. It added that some analysts concluded the economy was benefiting from the incoming administration of President Donald Trump, but the March figures suggest a “Trump bump” is not a part of the employment outlook.
The report said the unemployment rate, a statistic known as the U-3, was 4.5 percent, down from 4.7 percent in February. It added though, that the U-6, a statistic indicating the number of unemployed, underemployed and those who have stopped seeking work, was 8.9 percent in March. Although that figure is a decline from February, it remains higher than prior to the recession that began in 2007.
The sluggish rate of employment suggests the Federal Reserve could alter its plans to raise interest rates two more times in 2017, but it indicates those employed are earning more because of competition among employers to attract qualified job candidates.
Hourly wages in March increased 0.2 percent, to $26.14, the report said.
