Associated Press |
AFP | Friday April 3rd, 2015 | 15:08 hrs
Washington – After a year of increase their payrolls, US employers slashed the number of contracts in March, in a further sign of slowdown in the world’s largest economy.
The US economy created 126,000 jobs last month, a lower figure As expected, which represents a decrease of 52% compared to February, according to a report released Friday by the Labor Department.
This is the lowest level of new hires since December 2013, indicated a statistical Department.
For February, job creation was revised downward from 295,000 to 264,000.
Analysts anticipated for March averaged 250 thousand contracts .
The unemployment rate remained steady at 5.5%, as expected.
In one year, the unemployment rate fell by 1.1 percentage points and the number of unemployed fell 1.8 million to 8.6 million.
In March, the sectors that have followed have been hiring business services, healthcare and retail. In contrast, the manufacturing sector and the oil industry have fired.
The total number of jobs in government and industries producing goods decreased, mainly with a loss of jobs in the mining sector as increase layoffs in the oil industry with falling oil prices.
The mining sector was affected by the fall in oil prices. He lost 11,000 net jobs in March and more than 30,000 in the first quarter of 2015.
The sector producing goods also fell into the red, affected by the harsh winter conditions, which continued well into the March, but also by the appreciation of the US dollar which increases export products.
The construction sector also sensitive to climate, lost thousands of jobs after the creation of 29,000 the previous month.
The average hourly wage rose 7 cents. The average hourly wage remains modest increase of 2.1% compared to 2% in February and 2.2% in January.
A bad omen
According to economist Douglas Holtz-Eakin, former head of the Congressional Budget Office, the report is “horrible”.
“The winds of cold weather, the dollar traded higher, and lower oil prices are good excuses for a bad month, but again, the economy has failed to pass one, a bad omen anticipated top speed, “he said.
Several economists pointed to a number of factors that could explain part of labor weakness in March: harsh weather conditions in parts of the country, a strong dollar, the economic slowdown in China, and the continuing effect of slowing down the ports on the west coast between November and February
<. p> “A number of factors including climate and the global economic slowdown has affected the economic indicators for the first quarter,” he said in a statement Jason Furman, head of the Council of Economic Wizards of President Barack Obama.
Chris Low of FTN Financial, pointed in a different direction.
“For our money, is the collapse of the oil industry, and will probably continue to weigh on activity” through the second quarter, said .
The unexpected downturn in new jobs slows expectations that the Fed will embark on a plan hikes interest rates from June.
” The Fed tied possible rate hike to be ‘reasonably confident’ about the economy, “said economist Justin Wolfers of the Peterson Institute for International Economics in Washington.
” I do not think it’s reasonable to be confident about much now, “he said
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