The U.S. economy added 103,000 jobs in March, below the pace of recent months, and the unemployment rate remained unchanged at 4.1 percent, according to the U.S. Bureau of Labor Statistics.
Job gains averaged 202,000 per month in the first quarter. The change in nonfarm payroll employment in January was revised down to 176,000, while February was revised up to 326,000 jobs.
One possible reason for the wide swing from February to March: weather. For example, construction activity — and construction employment — is tied to weather conditions, and while February was relatively mild, March was much stormier.
Two employment categories that saw large gains in February met declines in March: retail trade employment declined by 4,000 jobs (following a gain of 47,000 in February), and construction employment fell by 15,000 jobs (following a gain of 65,000 in February). Growing employment categories were manufacturing (up 22,000 jobs), healthcare (also up 22,000), and professional and business services (up 33,000 jobs).
On the wage growth front, average hourly wages increased by $0.08 to $26.82 per hour in March. Over the past 12 months, wages have increased 2.7 percent.
