US Non-Farm Payrolls

Non-farm payrolls declined by 80,000 in the month of March, confirming fears of a worsening labor market. Economists were expecting a loss of 60,000. It is the third straight monthly decline and the largest decline since March 2003. Add in 67,000 more lost jobs from a combined January/February revision and we have 232,000 lost jobs since the beginning of the year.

In the month of March, the manufacturing sector lost 48,000 jobs, while the services sector gained 13,000. Construction and retail jobs both fell, declining by 51,000 and 12,000, respectively. The health care sector added 42,000 jobs.

The unemployment rate jumped to 5.1% from 4.8% in March, the highest since September 2005.

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