US economy added a relatively weak 120,000 jobs in March | WPN World People News

In disappointing news, the US economy added a relatively weak 120,000 jobs in March, compared with 240,000 in the previous month, the Labour Department said Friday.

However, the unemployment rate dipped to 8.2 per cent from 8.3 per cent, it said.

The private sector added 121,000 jobs in March, compared with 233,000 in February.

The figures by the Labour Department belied expectations that March would see the fourth consecutive month of solid employment growth, with the addition of more than 200,000 jobs.

Ahead of the government report, statistics had suggested that hiring was picking up pace, despite more than 12 million unemployed people.

ADP, the payroll processor, had reported on Wednesday that private sector employment gains reached 209,000 in March. The report, derived from payrolls data, showed that small businesses, or those with 49 employees or less, accounted for about half of the gains. Companies in the services sector added 164,000 jobs.

Government employment has been essentially flat this year. In 2011, the government lost an average of 22,000 jobs a month.

Though the number of jobs has grown, the unemployment rate has been steady in recent months, largely because more people have been joining the job search.

Federal Reserve chairman Ben Bernanke hasn't ruled out further monetary stimulus if unemployment remains high.

Republican presidential candidate Mitt Romney said in an e-mail statement: "This is a weak and very troubling jobs report that shows the employment market remains stagnant."

Source: Latin America News.Net