Austerity may be starting to squeeze the life out of the job market.
U.S. employers hired at the slowest pace in nearly a year in March, adding only 88,000 jobs to non-farm payrolls, with steep job cuts in the retail and government sectors, including 12,000 at the U.S. Postal Service, according to a Labor Department report released Friday.
Economists predicted March's net gain to be somewhere closer to 190,000, according to a Bloomberg survey.
"This is a punch to the gut," Austan Goolsbee, former Chairman of the Council of Economic Advisors under President Obama, said on CNBC. "This is not a good number."
read more: March Jobs Report: U.S. Economy Adds 88,000 Jobs; Unemployment Rate Down To 7.6 Percent
U.S. employers hired at the slowest pace in nearly a year in March, adding only 88,000 jobs to non-farm payrolls, with steep job cuts in the retail and government sectors, including 12,000 at the U.S. Postal Service, according to a Labor Department report released Friday.
Economists predicted March's net gain to be somewhere closer to 190,000, according to a Bloomberg survey.
"This is a punch to the gut," Austan Goolsbee, former Chairman of the Council of Economic Advisors under President Obama, said on CNBC. "This is not a good number."
read more: March Jobs Report: U.S. Economy Adds 88,000 Jobs; Unemployment Rate Down To 7.6 Percent
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