U.S. unemployment rate remains unchanged at 3.8 pct in March, job gains rise to 196,000

The U.S. economy added 196,000 jobs in March, while the unemployment rate remained unchanged at 3.8 percent, the Bureau of Labor Statistics said on Friday.

In the first quarter of 2019, employment growth in the United States averaged 180,000 per month after upward revisions for the reading of January and February job gains. In 2018, employment growth in the United States averaged 223,000 per month.

Health care, professional and technical services both saw notable job gains, adding 49,000 and 34,000 jobs respectively in March, the bureau said.

For all employees on private nonfarm payrolls, the average workweek rose by 0.1 hour to 34.5 hours in March, as their average hourly earnings rose by 4 cents to 27.7 U.S. dollars. Over the past 12 months, average hourly earnings have increased by 3.2 percent.

Other reports on the U.S. job market also reflected the solid gain in March.

The number of initial jobless claims dropped by 10,000 to 202,000, which was the lowest level since December 1969, according to the bureau.

A private sector employment report released by payroll data firm Automatic Data Processing on Wednesday also showed a 129,000 gain in March.

Job growth in the United States rebounded after a small gain in February, easing the concerns of a significant slowdown in the job market.

The U.S. stock market responded quickly to the better-than-expected jobs report, as the Dow Jones Industrial Average opened higher on Friday.

Even as tightness persisted in the labor market, the U.S. Federal Reserve (Fed) left its interest rates unchanged after concluding a two-day policy meeting on March 20.

Meanwhile, the Fed said it intends to conclude the reduction of its aggregate securities holdings at the end of September.

(ASIA PACIFIC DAILY)