WASHINGTON: The overall jobless rate nationwide inched up to 5 percent from 4.9 percent in February, though nonfarm employment increased by a meagre margin of 215,000, the U.S. Labor Department said on Friday.
The department revised the job gains in the previous two months, with the data in January and February 1,000 less than previously reported.
The labor force participation rate, the share of the working-age population employed or looking for a job, rose to 63 percent, indicating that more workers joined the job market. Some analysts hold that the gain in participation is pulling the unemployment rate higher, reflecting the strength of the job market.
Average hourly earnings for all employees increased by 7 U.S. cents to 25.43 dollars, following a 2-cent decline in February. The average hourly earnings have risen by 2.3 percent year on year.
Considering the global economic and financial developments, the U.S. Federal Reserve has kept the benchmark short-term interest rate unchanged after it raised the rate last December.
Fed chairwoman Janet Yellen said last month that the U.S. central bank will be cautious in its future rate hikes against the background of looming global risks to the U.S. economy, signaling her intent to keep monetary policy accommodative.
“On balance, overall employment has continued to grow at a solid pace so far this year, in part because domestic household spending has been sufficiently strong to offset the drag coming from abroad,” Yellen said at an event on Tuesday.
“Looking forward however, we have to take into account the potential fallout from recent global economic financial developments, which have been marked by bouts of turbulence since the turn of the year,” Yellen added.
