US DATA: Mar employment report probably showed temp weather-payback,
with payrolls +120k and revsns to Feb-Jan at +4k on net, a slowdown from
+246k/mo jobs on avg from Dec-Feb. But civ unemploymt rate -0.1 pt to
8.2%, a low since Jan’09 on huge drop for adult women. Also hrs and
earnings rose, all suggesting a temp pause in growth rather than a
problem. Mar payroll composition: weakness was in construction -7k,
retail -33.8k (all in the seas adj), temp -7.5k, govt -1k as postal svc
& local ed fell. Offsets were mfg +37k, finance +15k, leisure +39k
(mainly restaurants), healthcare +26k. Bottom line: Mar jobs growth
slowed but weakness could be temporary; US economy is still growing.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Mar +120k —- +1.76% 103.4 8.2% (8.1916%)
Feb +240k +227k +1.60% 103.3 8.3% (8.2688%)
Jan +275k +284k +1.50% 103.0r 8.3% (8.2632%)