U.S. job creation tumbles in March; unemployment steady at 4.1%

March Jobs Report: Everything You Need to Know

Across the border, the S&P/TSX Index fell 149 points (1%) to 15,207.

But some companies have expressed concern about negative effects on their businesses from rising tensions about trade.

The Dow Jones average was down 383 at 24,122 and the S&P 500 was down 31 at 2,632.

Nonfarm payrolls increased by 103,000 last month as construction and retail sectors shed jobs, the Labor Department said on Friday. "Consistent with 2.5-3.0 percent economic growth in the first half of 2018, job gains come with a likely FOMC June rate hike, soon followed by two more in the second half of 2018", predicted Wells Fargo Securities.

Economists had expected the report to show 185,000 jobs were created in March while the unemployment rate was expected to fall to 4%, according to estimates from Bloomberg. For the entire first quarter, job growth has averaged about 202,000 a month, enough to keep up with the growing workforce population - and then some.

U.S. benchmarks opened sharply lower in the wake of disappointing jobs data for March.

United States stocks tumbled, with the Dow Jones Industrial Average falling 650 points, or 2.6 per cent.

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America's job market slowed in March, but unemployment remained at its lowest level in 17 years while wage growth picked up, suggesting that the economy remains fundamentally healthy. The U.S. added 326,000 in February and 176,000 in January. Last year, employment increased by 128,400, which is equivalent to nearly 500 new jobs, on average, per working day.

Job openings remain plentiful, but hiring has lagged. Economists expected average hourly earnings to rise 0.3% over the prior month and 2.7% over the prior year.

The S&P 500, which added 18 points yesterday to close at 2,663, was tipped to open its account 27 points lower at 2,636.

Ahead of the report, US stock futures were lower after news late Thursday that President Donald Trump has told administration officials to consider an additional $100 billion in tariffs on Chinese imports.

Both manufacturing and mining and logging industries experienced significant job growth in March.

This includes raising the minimum wage to $14 an hour on January 1, ensuring part-time workers are paid the same hourly wage as full-time workers, introducing paid sick days for every worker, and enabling at least three weeks' vacation after five years with the same employer.

These statistics are even more remarkable when juxtaposed against the share of employment growth experienced by Americans with a disability in the earlier months of the current employment expansion. He will be succeeded by Edgar Montes, now the president and chief operating officer of the company; Jackson will become the chairman.

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