US job creation tumbles in March despite Donald Trump’s promises to boost employment
Donald Trump’s promise to be a major creator of new jobs is facing fresh pressure as figures showed the economy added just 98,000 positions last month, a sharp tumble following two strong months in January and February.
Economists had reportedly expected a fall in hiring in March after job gains in January and February had averaged a robust 237,000. Those increases had been fuelled partly by strong hiring in construction, which occurred because of unseasonably warm winter weather.
The Associated Press said construction firms added 6,000 jobs in March, the fewest in seven months. Retailers, fighting off the challenge of online shopping, cut 30,000 jobs. Education and health care services added the fewest jobs in 15 months.
“The March non-farm payrolls number was a phenomenal miss and will add to market uncertainty following the Syria missile strikes,” says Marcus Bullus, trading director at MB Capital. “Very few traders saw this one coming”.