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US jobs rebound but wage growth slows | |
(32 minutes later) | |
US companies added 196,000 jobs in March, marking a significant rebound from poor growth in February. | |
The US non-farm payroll figure for March was ahead of analysts' forecasts, and much stronger than the 33,000 jobs created the month before. | |
February's figure was revised up from the initial reading of 20,000, but remains a 17-month low. | |
Earnings data showed that the annual rate of wage increases slowed to 3.2% in March, down from 3.4% in February. | |
'Mixed report' | |
The employment figure beat expectations of a rise of between 170,000 and 180,000 jobs. The healthcare sector saw jobs rise, but the retail and manufacturing sectors both saw declines. | |
Some 6,000 jobs were lost in manufacturing, the first decline in the sector since July 2017. | |
Car companies have been cutting thousands of jobs, including General Motors which is cutting about 14,000 workers. | |
Win Thin, global head of currency strategy at Brown Brothers Harriman, said it was a "mixed report". | |
"The headline was a little bit better than expected, February was revised up slightly, but obviously the average hourly earnings was a big disappointment." | |
The unemployment rate remained at 3.8% for a second month. |