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Payroll Growth Slows Again
Payroll employment increased by 110,000 in March, and the unemployment rate declined to 5.2 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported.
Economists had projected a gain of more than 200,000 jobs for the month, Reuters reports.
The bureau also revised downward the figure for February payroll growth to 243,000.
In March, persons who had been unemployed for 27 weeks or more accounted for 21.5 percent of the unemployed, down from 23.8 percent a year earlier.
Total employment and the employment-population ratio were about unchanged in March at 140.5 million and 62.4 percent, respectively. The civilian labor force participation rate was 65.8 percent for the third straight month.
Construction employment rose by 26,000 in March, following a gain of similar magnitude in February. This industry has added 489,000 jobs since its most recent low in March 2003.
Manufacturing employment declined by 8,000 in March. Since last summer, manufacturing employment has declined slightly.
Health care added 16,000 jobs in March, with hospitals accounting for half of the growth. Over the year, health care employment has increased by 243,000.
Wholesale trade employment was up by 15,000 over the month, with gains in both its durable and nondurable components. Since its most recent low in August 2003, the industry has added 112,000 jobs.
Employment in professional and business services continued to trend upward in March (27,000).
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