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U.S. Posts Solid Job Creation, Unemployment Rate Rises to 5 Percent
Published in Saudi Press Agency on 01 - 04 - 2016

U.S. employers posted another solid month of hiring in March, while wages rebounded, the government reported Friday, signaling economic resilience that could allow the Federal Reserve (Fed) to gradually raise interest rates later this year.
The Labor Department said employers added 215,000 jobs last month, driven by big gains in the construction, retail, and healthcare industries. Despite the increase, which was stronger than the 200,000 jobs economists expected to be created, the unemployment rate rose to 5 percent from an eight-year low of 4.9 percent. However, the slight increase was because more Americans were returning to the labor force, reflecting confidence in the jobs market.
March employment gains were broad-based, but manufacturing lost 29,000 jobs, the most since late 2009, despite signs of stabilization in the factory sector. Mining lost 12,000 more jobs. Low oil prices have cost the industry 185,000 jobs since mining employment peaked in September 2014, with three-quarters of the losses in support activities, like oilfield services.
Construction payrolls rose 37,000 in March, increasing for a ninth consecutive month. Retail employment surged by nearly 48,000 after strong gains in February and January. Government payrolls increased 20,000.
Steady hiring is contributing to higher pay. Wages increased last month, with average hourly earnings rising 0.3 percent, lifting the 12-month gain to 2.3 percent. Year-over-year gains have risen since the early years of the economic recover but remain below a peak of 2.6 percent posted in December. Still, in a strong economy, wages typically rise 3.5 percent per year.
The March job-creation report suggests that employers remain confident enough in their business prospects to add staff, even as overall growth has slowed since the winter. Many economists estimate the economy grew at a 1 percent annual rate in the first quarter of 2016. Continuing job gains indicated that employers may view the slowdown as temporary.
While employment gains have slowed after averaging 282,000 jobs per month in the fourth quarter of last year, the labor market has largely ignored slowing global economic growth, a strong U.S. dollar that has hurt manufacturing exports, and cheap oil prices, which have hit energy-sector profitability.
Fed Chair Janet Yellen said Tuesday that slowing global growth and lower oil prices are risks to the U.S. economic outlook, adding that she considered it appropriate for policymakers to "proceed cautiously in adjusting policy."


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