WASHINGTON: The U.S. unemployment rate fell to 4.5 percent in March, the lowest level in almost a decade, from 4.7 percent, and an encouraging sign for the job market. The drop occurred because 16- to 19-year olds found jobs, likely at entry-level employers such as restaurants, which added almost 22,000 jobs last month. In March, retail lost 29,700 jobs. Calgary’s unemployment rate declined once again in March but remained the highest in the country, according to Statistics Canada. “After the unseasonably warm January and February, which pushed monthly job gains back above 200,000, there was always going to be some pay back in March, when the weather snapped back to seasonal norms, including some heavy snowstorms”, wrote Paul Ashworth, chief US economist for Capital Economics. Economists had expected a decline in hiring in March after job gains in January and February had averaged a robust 218,000.
Stats SA says the gain in employment in the December quarter was largely due to gains in the trade, business services and manufacturing sectors. The unemployment rate has been five percent or lower for well over a year. In February 2016, the unemployment rate for the Charlottesville MSA was 3.5 percent. More than 6,200 area residents returned to the job market since December, a growth rate of 1.9 percent, and almost 90 percent of them found jobs during that period. However, amid falling unemployment, hourly wages forged higher, adding 0.2 per cent over February in another sign of a tightening labour market. If they have not looked in the previous four weeks, they’re not considered part of the workforce and aren’t counted as unemployed. The report found that 95 per cent of all new jobs created last month were full-time. Save for a dip after the failed Medicare project, consumer and business sentiment has soared since the November presidential election, but the increased optimism hasn’t yet accelerated growth. Wages increased 2.7 percent for the 12 months ended March 31. BLS Revisions: The change in total nonfarm payroll employment for January was revised from +238,000 to +216,000, and the change for February was revised from +235,000 to +219,000.
