Job Growth Slows in March, Unemployment Falls
Washington, DC, April 5, 2013 -- Job creation in March hit its slowest pace in nine months and was well below expectations, according to the Labor Department.
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The economy added 88,000 nonfarm jobs last month and the jobless rate edged a tenth of a point lower to 7.6% largely due to people dropping out of the work force.
Economists had expected a gain of 200,000.
Retailers cut staff in March by 24,100.
Across-the-board federal budget cuts that began in March may have played a significant role in the weak pace of hiring.
The construction sector added 18,000 jobs despite cold weather.