Job creation slumps, unemployment drops
U.S. employers created only 88,000 jobs in March, falling well short of expectations.
That comes on the heels of a robust February that saw employers add 268,000 jobs. The unemployment rate did fall slightly from 7.7 percent to 7.6 percent, the lowest level since December 2008, as fewer people looked for jobs. The labor force participation rate – those people working or actively seeking unemployment – dropped to 63.3 percent, its lowest level since 1979.
The ADP National Employment Report, issued earlier this week, showed an increase of 158,000 private sector jobs in March and 237,000 in February.