Here are some early reactions to the March payrolls data, showing just 98,000 jobs created in the month and the unemployment rate falling to 4.5% from 4.7%.
Read more about the March jobs report here.
• “Today’s report from the Bureau of Labor Statistics shows the economy added 98,000 jobs in March. While this is considerably lower than the past few months, this is likely due in part to seasonal adjustments not capturing the early March winter storms and a mild pullback after February’s strength and unusually mild weather, and it is just enough to keep up with working-age population growth.” — Elise Gould, Economic Policy Institute.
• Joseph LaVorgna of Deutsche Bank stressed the temporary effects of weather on depressing employment:
Weather was likely a factor depressing #employment / #NFP; historically, weather effects are temporary
— Joseph A. LaVorgna (@Lavorgnanomics) April 7, 2017
• Jason Furman, former chairman of President Barack Obama’s Council of Economic Advisers, said the biggest disappointment was average hourly earnings:
Biggest disappointment is avg hourly earnings of 2.7% over last yr. But U6 of 8.9% and LFPR still at 63.0% is quite good.
— Jason Furman (@jasonfurman) April 7, 2017
Also read: An updated look at the Trump scoreboard after the jobs disappointment.
• “Wage growth dipped marginally to 2.7% y/y in March from 2.8% in Feb, but given unfavorable base effects and downward pressure on the m/m number from calendar effects — March was a long month, with 23 working days; that tends to depress AHE — the trend clearly is picking up slowly.” — Ian Shepherdson, Pantheon Macroeconomics.
• The head of a manufacturing group highlighted the gains in that sector:
Manufacturing adds 11k jobs in an otherwise unimpressive March for job growth in the U.S.
— Scott Paul (@ScottPaulAAM) April 7, 2017
PREDICTION: The administration will focus on the HH jobs numbers (+472,000) instead of the industry-standard establishment numbers (+98,000)
— Heidi Shierholz (@hshierholz) April 7, 2017
Weather-sensitive industries added little to job growth in March. But non-weather-sensitive payrolls fell, too. pic.twitter.com/mPnPFzVoo7
— Jed Kolko (@JedKolko) April 7, 2017