Unemployment fell to 7.6% in March, but just 88,000 jobs were added—which the Wall Street Journal calls a "very bad number." Economists weren't expecting much from today's jobs report—according to NPR, they were forecasting "slow and steady" growth—but they had predicted 200,000 new jobs. Over the past three years, an average of 160,000 jobs have been created per month.
Journal writers are using the word "Wow" a lot, and not in a good way. "Wow, what a disappointment! Market is heading south," writes Jonathan Cheng. And from Paul Vigna: "Wow, this number stinks! It's the worst since 87,000 last June." Though the unemployment rate had been expected to hold steady at 7.7%, its drop to 7.6% isn't great news either: It came about mostly because so many people dropped out of the workforce, notes Steven Russolillo. The AP points out that the weak hiring could be a reflection of businesses' concerns over sequester-related spending cuts. (More jobs report stories.)
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