With the unemployment rate remaining unchanged at 5.5%, and the economy adding 126,000 jobs in March, the U.S. job market appears to be experiencing a gradual deceleration of its recovery rate.
After adding an average of 197,000 jobs throughout the first quarter of 2015, the economy’s employment growth rate is starting to resemble that of 2014’s first quarter. However, last year the U.S. added an average of 260,000 jobs each month—which begs the questions: should we expect the same surge in job growth patterns in the upcoming months?
There was also a 7 cent increase in average hourly wages, up from last month’s 3 cent boost in hourly private-sector earnings. And within this past year, the average hourly earnings have risen by 2.1%, making the average hourly rate $24.86.
As far as job sector trends are concerned, employment rates in professional and business services, as well as healthcare and retail services continued to grow during the month of March, while employment in the construction, transportation and manufacturing realm stayed static.
If the slowed growth in job rates and stagnate unemployment rate becomes a pattern for the U.S. job market each month, the economy has a long road ahead before full economic recovery is achieved.