- Jul 10, 2004
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The unemployment rate fell to 7.6 percent in March but just 88,000 jobs were added, raising fears that the economy is beginning to cool after several strong months.
Ahead of Friday's jobs report, economists braced themselves for grim numbers. On Thursday, the Labor Department reported that the number of jobless Americans filing unemployment claims increased for the third consecutive time last week.
"This was an ugly report as the expected number was about 190,000," said Joe "JJ" Kinahan, chief derivatives strategist with TD Ameritrade. "The major area of concern is the loss of jobs in the Retail sector. When taken with the recent disappointment in ISM and housing numbers this may cause a reassessment of what we feel currently about the economy."
The largest area of concern, he added, is that the participation rate in the workforce is the lowest since May 1979.
Jobs Report: March Unemployment Falls, But Job Additions Disappoint - ABC News
Ahead of Friday's jobs report, economists braced themselves for grim numbers. On Thursday, the Labor Department reported that the number of jobless Americans filing unemployment claims increased for the third consecutive time last week.
"This was an ugly report as the expected number was about 190,000," said Joe "JJ" Kinahan, chief derivatives strategist with TD Ameritrade. "The major area of concern is the loss of jobs in the Retail sector. When taken with the recent disappointment in ISM and housing numbers this may cause a reassessment of what we feel currently about the economy."
The largest area of concern, he added, is that the participation rate in the workforce is the lowest since May 1979.
Jobs Report: March Unemployment Falls, But Job Additions Disappoint - ABC News
