WASHINGTON — The U.S. unemployment rate dropped to 4.5 percent in March, the lowest level since May 2007, the U.S. Department of Labor reported Friday.
However, hiring slowed substantially in March, President Donald Trump’s second full month in office. America only added 98,000 jobs, according to the Labor Department.
It’s a disappointment, given the U.S. added 219,000 jobs in February and averaged 187,000 new jobs a month last year.
A bright spot is that workers are starting to get substantial raises as businesses want to keep their best workers happy. Wages were 2.7 percent higher in March compared to a year ago.
For much of the recovery, wages were only growing about 2 percent, so it’s welcome news that they are now inching toward 3 percent.