NEW YORK: US payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.
COMMENTS:
VIMOMBI NSHOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS
"The deceleration of improvement in the labor market seen in March's employment report with payrolls under-performing market expectations growing by just 120k last month and the unemployment rate slipping to 8.2% entirely because Americans left the labor force confirms arguments that a mild winter had propped prior payroll values and the expectation that forthcoming reports would show a "letdown" from the influence of warm weather supporting activity. Forecasts expected 203k payrolls and the unemployment rate to stay at 8.3%."