Unemployment Dropped in March, Despite Underwhelming Job Growth
The unemployment rate fell a tenth of a percentage point to 8.2 percent in March but the economy added just 120,000 jobs, significantly below economists' expectations and breaking a three-month streak of payroll growth in excess of 200,000, the Labor Department reported on Friday.
Economists surveyed by Bloomberg News expected the report to show a gain of 205,000 jobs and the unemployment rate to hold at 8.3 percent. The Labor Department revised the number of jobs added in February upward, from 227,000 to 240,000, but down in January from 284,000 to 275,000.
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