'No news is good news, as the saying goes, and that would aptly describe the March employment report released Friday morning.'
No news is good news, as the saying goes, and that would aptly describe the March employment report released Friday morning. For financial markets, that would mean continued steady Federal Reserve policy, about which President Donald Trump again complained should be eased with both interest-rate cuts and a resumption of quantitative easing.
But other details of the jobs report were less positive. The unemployment rate held steady at 3.8%, but that reflected a decline in the number of people in the workforce. The labor force dropped by 224,000, or 0.1%, while the labor-force participation rate declined by 0.2 percentage point, to 63.0%.
Nearly half of last month’s payroll increases were concentrated in health and human services and accommodations and food services, two categories relatively immune to the state of the economy. Meanwhile, Blitz notes. Payroll growth in higher-paying industries is slowing. The net result: weaker overall pay gains.
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