US hiring figures for March are lower than expected, but wages pick up
Washington — US hiring cooled by more than forecast in March following a strong February, while wages picked up and the unemployment rate remained the lowest since 2000, returning labour-market progress to a more sustainable pace that may keep US Federal Reserve policy makers on track for further interest-rate increases. Payrolls rose 103,000, compared with the median estimate of economists for 185,000, after an upwardly revised 326,000 advance, US labour department figures showed on Friday. The jobless rate was 4.1% for a sixth month, bucking forecasts for a decline, while average hourly earnings increased 2.7% from a year earlier, matching projections. The results follow strong hiring in 2017 and show an average pace of payroll growth this year that’s still sufficient to push down the unemployment rate, which is already below Fed estimates of levels sustainable in the long run. A pick-up in wages — which has remained elusive in this expansion — would support consumer spending, tho...
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