You know things are going pretty well when the jobs report says 120K jobs were added in March - which would have been around a consensus figure just 6 months ago - but everyone is disappointed.
There could have been something to that warm weather phenomenon lots of people were mentioning, since retail trade was the only sector which lost large numbers of jobs. Those people were probably hired in January and February instead of the usual March.BLS
- Manufacturing had a nice gain of 37K.
- Food services and drinking places gained 37K.
- Health care gained 26K.
- Professional and business services gained 31K. That was actually kinda disappointing too, even though it was a gain.
- Retail trade fell by 34K.
- Mostly small changes in other sectors.
February revised up from 227K to 240K, January revised down from 284K to 275K.U.S. economy gains 120,000 jobs in March: Less-than-expected increase is smallest since last fall
The U.S. economy added 120,000 jobs in March, the smallest increase in five months, to break a recent string of strong employment gains, the government reported Friday.
The number of jobs created last month fell well below expectations and failed to top the 200,000 mark for the first time since November.
Economists surveyed by MarketWatch expected a 210,000 increase.
Some economists had cautioned that employment gains in March could end up lower because of unseasonably warm winter weather. Companies kept workers on or hired people in January and February who otherwise would have been added in March or April.
These changes in hiring patterns may not have been captured by the government’s efforts to adjust for seasonal factors.
“In recent months, concerns had been raised that seasonal adjustments had been overstating reported job creation,” said Jim Baird, chief investment strategist at Plante Moran Financial Advisors. “Today’s report suggests those concerns may have been legitimate."
Disappointing, but not a disaster. We'll have to see what happens the next couple months.