US jobs market added just 88,000 jobs in March
According to the latest figures released, the American job has added a seasonally adjusted 88,000 jobs during the month of March, which is its slowest growth since the month of June.
The slow growth in the US jobs market shows that the recovery in the world's largest economy is still fragile. According to the data released by Labor Department on Friday, a total of half-a-million people stopped looking for jobs in the country during the month of March. The job growth during the month was much lower than a 190,000 increase predicted by a poll of economists by MarketWatch.
The data also showed that the unemployment rate fell to 7.6 per cent from 7.7 per cent, which is its lowest level since December 2007. However, it is believed that the fall is mainly due to more Americans dropping out of the work force and not because of the job creation in the country. The participation rate fell to 63.3 per cent and touched the lowest level since 1979.
Meanwhile, data released by Automatic Data Processing Inc, which was released on Wednesday, indicated that the employment growth in the private sector slowed during the month of March. A survey of economists by MarketWatch had predicted 215,000 private-payroll jobs in March. Meanwhile, ADP also revised private-payroll growth to 237,000 for the month of February.