The U.S. labor market added 103,000 jobs in March 2018, which is substantially slower than previous months and below expectations. U.S. economists projected job growth of 185,000 for the month. The job market is increasing at a slower rate compared to the previous two months. This is a huge slip from February’s gain of 326,000 jobs.
In fact, job gains in January and February were revised down by a combined of 50,000 jobs. The Department of Labor revised January’s gains from 239,000 jobs to 176,000 and February’s numbers increased from 313,000 jobs to 326,000.
The national unemployment rate remained 4.1% for the sixth month in a row and the lowest rate since 2000. However, this is slightly above economist’s prediction of 4.0% unemployment rate. The labor rate participation rate slightly decreased to 62.9%.
Employment in the professional and business industry gained 33,000 jobs followed by the manufacturing and healthcare industries with 22,000 jobs each. Jobs in the construction industry fell by 15,000 jobs and retail lost 4,000.
Additionally, job creation was skewed heavily to part-time, which rose by 310,000. Full-time positions fell by 311,000, according to the household survey.
Check out our infographic below for more stats from the March 2018 Jobs Report: