Jobs report for March showed a surprising jump in wages and employment, but also contain a warning about a possible slowdown in the labor market.
Employers added slightly better than expected 215,000 payrolls, while average hourly earnings rose 0.3 percent last month. The unemployment rate has risen to 5% from 4.9% due to the fact that more workers join the workforce.
But a future indicator of new jobs continues to lag behind. "Three months in a row Temporary employment was very slaba- only 4,000 in March. This is a leading indicator," said John Canally, economist and market strategist at LPL Financial. He said that there is a surprising drop of more than 55,000 temporary workers in January and February combined. In March 2015, 10,000 temporary workers were hired.
The number of temporary employment is closely monitored by economists as seek recovery of the labor market after the recession as an early sign that employers expect making long-term appointments.
The jobs report also comes against a backdrop of a slow-growing economy, with first quarter growth estimated at now less than 1 percent.
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