USA technically enjoying full employment; but job creation is slowing down
Late past year, they began rising a slightly higher pace.
The jobless rate for Americans without a high school diploma fell to 6.8 percent from 7.9 percent in February. The headline unemployment rate-which the BLS labels U3-fell slightly to 4.5 percent, the lowest level since December 2007, the first month of what came to be known as the Great Recession. The unemployment rate is seen steady at 4.7 percent.
With numerous retailers shutting their doors and bankruptcies plaguing the industry, retail was hit the hardest in March, losing 30,000 jobs.
Virginia's seasonally adjusted nonfarm employment increased by 11,400 jobs in February to a total of 3,957,700, the third consecutive monthly increase, according to the statement.
The March jobs report to be released Friday is expected to show that employers added 178,000 jobs last month, according to a survey of economists by the data provider FactSet. That is the lowest such rate in over nine years. The upshot was an unemployment rate decline from 4.7 percent to 4.5 percent.
As a result, an alternative gauge of unemployment, which includes those part-timers as well as people who have given up their job hunts, dropped to 8.9 per cent.
London's unemployment rate has fallen for the second straight month.
Average hourly earnings increased 5 cents or 0.2 percent in March after rising 0.3 percent in February. Government employment, at 771,700, decreased 1,000 as losses in state government (-3,100) exceeded gains in local (+1,800) and federal (+300) government.
Aberdeen Asset Management investment strategist Luke Bartholomew said the decline in job creation was another sign of a "pretty tight" labour market. That corresponds to a bit under 1 percent real wage growth.
The largest employment growth in March occurred in professional and business services, adding 56,000 jobs over the month.
The education and healthcare services category also saw the fewest new jobs in 15 months - possibly also indicating a sluggish economy.
The U.S. central bank lifted its overnight interest rate by a quarter of a percentage point in March and has forecast two more hikes this year.
Information for this article provided by the ODJFS and WorkForce West Virginia.
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