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Unemployment
The unemployment rate, the U3 number, is 4.1 percent. This number is holding from February, which had an impressive job perfomance at 313,000 new jobs. The U3 number is just job seekers, not eligible workers who are not seeking work.
Non farm payrolls
Wall Street was projecting that March would yield 193,000 new jobs, and they were off by about half. The US Economy added 103,000 new jobs in March. Economists believe the shortfall is attributed to weather sensitive industries that suffered from the resurgent winter conditions in March.
Labor force participation
Labor force participation slipped to 62.9 percent as those considered not in the labor force jumped by 323,000 to 95.3 million. This means that the U6 unemployment rate, eligible workers not just job seekers, is at 8 percent.
Good news
All but 1,000 of those jobs came from the private sector, meaning that it wasn’t padded with new government jobs.
Consumer sentiment is at a 14 year high.
Average hourly earnings figure rose 0.3 percent, higher than estimates of 0.2 percent. The number comes 2.7 percent rate on an annualized basis, so that means inflation is healthy, and not too high.
The 8 percent U6 unemployment rate is at a ten year low, where it was in 2008 before the recession hit. It was at 18 percent in 2009, and 10 percent in 2017.
Sources: CNBC and Douglas Holtz Eakin of American Action Forum
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