Picture of U.S. Jobs Market Shows Slow but Steady Growth; Payroll Gains in March Were Lackluster as Rate Of Unemployment Fell
WASHINGTON -- Weak payroll growth and declining unemployment suggest that the U.S. job market is growing at a slow but steady pace.</br></br>Employers added a disappointing 110,000 jobs in March, the fewest since July and a big decline from 243,000 in February, the Labor Department reported. Meanwhile, the seasonally adjusted unemployment rate fell to 5.2% in March from 5.4% in February.</br></br>Economists believe that last month's lackluster performance in payroll growth is an indication of businesses turning more cautious in the face of profit pressures and another spike in energy prices.</br></br>Separately, the Commerce Department reported that construction spending increased 0.4% in February to a seasonally adjusted annual rate of $1.05 trillion. In addition, the Institute for Supply Management, which polls purchasing agents at more than 400 industrial companies, said its index of manufacturing activity was relatively unchanged at 55.2 in March. The new-orders index ticked higher to 57.1 from 55.8, while the employment gauge slipped to 53.3 from 57.4.</br></br>Index readings above 50 indicate the sector is expanding. The March number represents the 22nd consecutive month of manufacturing growth.