Apr. 04 - The overall job picture continues to improve, one key component, average hourly earnings, went in the wrong direction, giving the Fed another reason to hold off on raising rates. Bobbi Rebell reports.
The job market is getting better at those of winter storm blues beat LA habit. 192000. New jobs created in March January and February revised upwards by a total of 37000. The unemployment rate remained unchanged at six point 7%. Private sector jobs back to pre recession levels from 2008. And on a good trajectory. Wells Fargo's. Brian Jacobson we have construction employment which is still. Just a fraction of where it was at the previous peak in January 2008 but other areas like health care temporary help services. Those are above and beyond where they where when -- we first were at that the previous peak so. There's still a lot of work to be done and I think that's why the market is going to continue to railing on this type of news is because we're seeing that even though the headlines says that we're back to where we work there's actually a lot more growth coming in some of those other areas that are just beginning now to catch up. And in fact more Americans are in the workforce participation. Is at a six month high in there working more hours the average work week. At 234 point five hours. Both -- confidence in the job market as the weather improves council of economic advisors chairman Jason Furman. He can see the weather. More if you look at the number of hours that or two tenths of an hour up four tenths of an hour and manufacturing. Think that really reflects that a lot of people need some work last month that they are able to do. On this month. But hold the champagne Americans are not making more money. Average hourly earnings actually went down by a penny Reuters columnist James staffed. It's disappointing because we have seen some decent wage growth last couple months what that does not seem to be carried to -- And he always that's probably the most significant figure here get at -- it's soft -- wage growth. Derek -- evidence that the it might believe that we should they were getting pressure and sunk its of this fuel economy even though there's a lot of long term -- And now it seems to be rooting for them. If we saw a good wage for a we might get some inflationary pressure what does that mean means. Interest rates sooner rather than later. No surprise then that the markets -- the reports the better jobs picture about with some important vulnerabilities. Likely keep the Fed on the sidelines when it comes to raising rates.