U.S Unemployment Rate Remains Unchanged at 3.8 Percent

Apr 08, 2019, 01:26
U.S Unemployment Rate Remains Unchanged at 3.8 Percent

The overall US unemployment rate remained at 3.8% in March, and total nonfarm payroll employment grew by 196,000 jobs.

However, the Labour Participation Rate also increased from 62.1 per cent in February to 62.9 per cent in March, a sign that more people were looking for work. The jobless rate was flat at 5.8 percent.

Employment in the U.S. mining industry, excluding oil and gas extraction, increased in March for a fourth-straight month, the Labor Department reported Friday. The unemployment rate was unchanged at 5.8 percent, as expected. The employment-population ratio was 60.6 percent in March and has been either 60.6 percent or 60.7 percent since October 2018.

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Construction showed little change in March (up 16,000) but has increased by 246,000 over the past 12 months.

It was only a matter of time before Canada's jobs market cooled after a sharp rise in employment in recent months, particularly as other indicators have showed a much weaker picture.

The number of Americans claiming unemployment insurance hit a 50-year low Thursday.

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Analysts said the small decline in March, following six months of consecutive gains, was unlikely to alter the Bank of Canada's view of employment as a bright spot in Canada's economy. Employment in food services and drinking places trended up last month, adding 27,000 jobs.

The professional and technical services sector grew by 34,000 jobs last month, adding more than 311,000 in the last 12 months.

"As such, there's nothing here to justify financial markets pricing in the probability of a rate cut by [Bank of Canada governor Stephen] Poloz and company".

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The BLS jobs report comes following an ADP/Moody's report earlier this week which revealed that private payrolls increased by just 129,000 for the month, below estimates of 175,000. Restaurants added 27,300 jobs, in line with its average 25,700 jobs over the past year. Despite strong denials from Moscow, U.S. and European Union intelligence have accused Russian Federation of election interference in recent years.