300,000 new jobs vs. 122,000 consensus expected
8:30am 04/02/04
U.S. March payrolls grow by surprising 308,000
By Rex Nutting
WASHINGTON (CBS.MW) - U.S. nonfarm payrolls grew by a surprising 308,000 in March, the largest gain since April 2000, the Labor Department estimated Friday. The unemployment rate nudged a tenth of a percent higher to 5.7 percent. The gain in payrolls far exceeded the 122,000 expected by economists surveyed by CBS MarketWatch. Payroll growth in previous months was also revised higher, by a total of 86,000 jobs. For the first time in 44 months, employment in the manufacturing sector did not fall; it was unchanged. Despite the increase in jobs, hours worked in the economy fell by 0.1 percent. The average workweek also fell by a tenth of an hour to 33.7 hours. Average hourly earnings rose 2 cents, or 0.1 percent, to $15.54 an hour. |
