“Shocker” US payrolls disappoints but hourly pay up noticeably

Summary: March non-farm payrolls increase much less than expected; previous two months’ figures revised down; jobless rate ticks up, participation rate up; “a shocker”; average hourly pay up noticeably; jobs-to-population ratio inches up; underemployment rate falls closer to 10%; hourly pay growth slows to near-zero on “base effects”.   The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020. The unemployment...

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