Report | Jobs, jobs and more jobs! for March 14, 2018
The labor market produced a net gain of 313,000 new jobs, a strong showing this far into an economic expansion. A surge in the labor force participation rate held the unemployment rate steady at 4.1 percent. Wage growth declined slightly, though this follows two consecutive months of outsized gains. The underlying trend continues to point upward over time despite weak underlying inflation and productivity growth. Policy risks were building last week with the implementation of steel and aluminum tariffs, which triggered the resignation of Gary Cohn, the Director of the National Economic Council (NEC). He was viewed as a steadying influence by the market and his absence raises the profile of more protectionist members of the administration.
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