Trucking Loses 6,900 Jobs in March; Unemployment Rate Dips to 7.6%
The trucking industry shed 6,900 jobs in March as overall U.S. payrolls rose by 88,000, and the unemployment rate dipped to 7.6%, the Labor Department said Friday.
Trucking added a revised 5,700 jobs in February, a slight uptick from an originally reported 5,600 gain, Labor figures showed.
The overall transportation sector, which includes trucking, lost 2,800 jobs in March. February’s decline was revised to 1,700, from an originally reported 1,300 drop.
The overall rise in U.S. payrolls was the smallest in nine months and well below analysts’ forecasts of a 190,000 increase, Bloomberg News reported.
The unemployment rate, which is derived from a separate survey of households than the payrolls survey, was forecast to hold at 7.7%, Bloomberg reported.
The jobless rate declined in part due to the labor force participation rate, which fell to 63.3%, the lowest in 34 years, Bloomberg said.
Private-sector payrolls rose by 95,000, below a projected 200,000 increase. That followed a revised gain of 254,000 in February that was higher than first reported.
Manufacturing employment slipped by 3,000 in contrast to the 10,000 gain forecast. Construction added 18,000 jobs following a 49,000 surge in February.
