The unemployment rate ticked down to 7.6% in March while only 88,000 non-farm payrolls were added to the economy. Sudeep Reddy and Phil Izzo analyze the numbers. Photo: Getty Images.
Employers slammed on the brakes in March, adding just 88,000 jobs and keeping the economic recovery from shifting to a higher gear despite a mending housing market and steady consumer and business spending.
The grim report, out Friday from the Labor Department, was the first slip back into five-digit job growth since June 2012 and a stark pullback from February's upwardly revised 268,000 gain. The unemployment rate, which is derived from a different survey than the payroll numbers, fell to 7.6%, a four-year low, from 7.7%. Economists expected nonfarm payrolls to rise by 200,000.
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