Connect with us

Politics

Slow employment gains in March as only 103,000 jobs added to U.S. economy

Published

on

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Job growth stumbled in March, with only 103,000 Americans finding new jobs, according to data released Friday by the Department of Labor.

The number was a marked change from February’s blockbuster figure of 313,000 new jobs — which the Bureau of Labor Statistics just revised upwards to 326,000. That total was attributed to unseasonably warm weather creating favorable conditions in sectors such as construction and hospitality.

March’s figures were well below analysts’ expectations and not strong enough to push the unemployment rate below 4.1 percent, where it has remained for the last six months.

Wages continue to be the outlier in the employment data, with hourly earnings posting a moderate gain to 2.7 percent annual growth.

That figure would have to reach 3 percent in order for the Federal Reserve to consider taking action against possible inflation.

Despite March’s disappointing numbers, the employment situation remains robust and represents the longest streak of monthly jobs gains on record.

“Over the first quarter, hiring averaged 202,000, which is above the average for all of last year,” said Bankrate.com senior economic analyst, Mark Hamrick. “If we begin to see signs that momentum is truly slowing in coming months, that’s something different, more worrying.”

Wall Street reaction to the BLS data was muted, with markets already under pressure following President Donald Trump’s announcement late Thursday that he planned to impose $100 billion of additional tariffs on Chinese imports.

“Risks appear to be rising in both the short and long-term,” said Hamrick. “If tariffs were fully implemented, they would have the potential to raise inflation risks, making the Federal Reserve’s job more challenging. Meantime, even under a better case scenario, a high degree of uncertainty has been injected into the business environment — which is never a plus.”

 Employees work at the Metal Box International toolbox factory in Franklin Park, Illinois, on Feb. 21. Tim Aeppel / Reuters file



Source link

Politics

EU civil war: Denmark backs Washington in submarine row with France and Brussels

Published

on

DENMARK has lashed out at the European Union for siding with France in the diplomatic spat over its failed submarine contract with Australia.

Source link

Continue Reading

Politics

Biden, Macron to speak by phone following submarine fallout

Published

on

WASHINGTON — President Joe Biden was expected to speak Wednesday with French President Emmanuel Macron as the U.S. looks to stem the fallout from France’s fury over a deal to sell nuclear-powered submarines to Australia, according to a French official.

French government spokesperson Gabriel Attal said Macron expected “clarifications and clear commitments” from Biden on the call, which he said was requested by the White House.

“We expect of our allies that the exchanges and consultations that should have been conducted did not happen, and that raises the question of confidence,” Attal said Wednesday. “Therefore it falls on all of us from now on to bear together the consequences.”

The diplomatic spat between the U.S., and France erupted last week over a deal the Biden administration announced with Australia to provide that country with nuclear-powered submarines as part of a wider security pact that also included the U.K. But the French had been expecting to be the ones to sell submarines to Australia under a 2016 contract.

French officials said they were blindsided by the announcement, which cost them a $66 billion agreement. In response, France recalled their ambassadors from the United States and Australia and canceled a gala at their embassy in Washington.

The White House declined to comment on the call, but press secretary Jen Psaki said Tuesday that officials from both countries were working to schedule one.

Nancy Ing contributed.

Source link

Continue Reading

Politics

'Not giving up sovereignty!' UK lays down gauntlet to EU ahead of Gibraltar Brexit talks

Published

on

SOVEREIGNTY of Gibraltar is not up for negotiation in Brexit trade talks with the EU, ministers have vowed.

Source link

Continue Reading

Trending