Business
African-American unemployment drops slightly as U.S. economy adds 88,000 jobs in March
Job applicants fill out applications for positions at a new bar and restaurant in Detroit. PHOTO/Paul Sancya/AP
U.S. employers added just 88,000 jobs in March, the fewest in nine months and a sharp retreat after a period of strong hiring. The slowdown may signal that the economy is heading into a weak spring.
The Labor Department said Friday that the unemployment rate dipped to 7.6 percent from 7.7 percent, the lowest in four years. But the rate fell last month only because more people stopped looking for work. People who are out of work are no longer counted as unemployed once they stop looking for a job.
African-American unemployment also dipped from 13.8 to 13.3 percent and African-American teen joblessness fell sharply from 43.1 to 33.8 percent.
The percentage of Americans working or looking for jobs fell to 63.3 percent in March, the lowest such figure in nearly 34 years.
Stock futures fell after the jobs report was released.
March’s job gains were half the pace of the previous six months, when the economy added an average of 196,000 jobs a month. The government said hiring was even stronger in the previous two months than previously estimated. February’s job gains were revised to 268,000, up from 236,000. January job growth was raised to 148,000, up from 119,000.
Several industries cut back sharply on hiring in March. Retailers cut 24,000 jobs after averaging 32,000 in the previous three months. Manufacturers cut 3,000 jobs after adding 19,000 the previous month. Financial services shed 2,000.
