Like a model accidentally giving away a $22,000 car on “The Price Is Right,” the March jobs report — released this morning — was an epic fail. The final count of jobs added in March didn’t come anywhere close to what economists were expecting.
U.S. employers added a mere 126,000 jobs in March (100,000+ LESS than the expected 248,000); unemployment rate remains at 5.5%. #jobsreport
— CareerBuilder (@CBforEmployers) April 3, 2015
As you may know, following each month’s BLS jobs report, we read dozens of news reports, scour the Web, and break what we find down to three key talking points you can use. Whether you’re taking a break at the office water cooler or conversing with peers in the industry, you’ll have three conversation starters in your pocket.
HERE’S THE NEWS YOU CAN USE FROM TODAY’S RELEASE:
1. Not-so-good jobs report on Good Friday. Headlines today are screaming everything from “ugly” to “abysmal” to describe the March jobs report — and with good reason. Economists were expecting 248,000 jobs to be added in March, but the dismal number we all woke up to was 126,000. That’s a difference of 122,000, in case you were wondering. That amounts to the weakest job gains number since December 2013. According to The New York Times:
Analysts blamed the plunge in oil prices as well as the punishing weather in the Northeast, a combination that put a crimp on investment in the energy patch and construction and retail sales more broadly. But many still expect the economy to regain at least some of its momentum later this year.
2. January and February numbers were revised down. Some revisions were made to previous jobs reports from what was initially reported. January’s employment gains were revised down from 239,000 to 201,000 — a drop of 38,000 — while February’s numbers were revised down from 295,000 to 264,000 — a drop of 31,000. Combined, that’s a difference of 69,000.
3. Wages are the silver lining. There has been increased scrutiny on wages in recent jobs reports and, while we still have a ways to go, there is ever-so-slight progress being made. According to Forbes:
In March average hourly earnings rose by 7 cents to $24.86. The 12-month wage growth rate ticked up to 2.1%.
And Business Insider:
— Business Insider (@businessinsider) April 3, 2015