Unemployment fell in March to 4.4 percent as a rebound in construction hiring helped the economy add 180,000 jobs over the month, a better showing than expected, the government reported today.Hiring in the education, health care and retail sectors was also strong, amid signs that the country's labor market remained tight.
Despite concerns that the economy was losing steam, the March unemployment data mark the second consecutive monthly decline, pushing the jobless rate to a level touched briefly last fall but not seen before that since 2001. Average hourly wages increased by six cents over the previous month, to $17.22, a 4 percent increase from the year before.
The new report is consistent with the stance taken by the Federal Reserve at its last meeting. Interest rates were held steady at that session, with the Fed concluding that the economy was in generally solid shape and the risk of inflation remaining its central focus.
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