US adds only 69,000 net jobs, the smallest gain in a year. Employers pull in their horns in the face of fears over the eurozone and worries about the US elections and the expiration of tax cuts.
The unemployment rate for April was 8.1 percent, the lowest rate since President Obama took office. But the unemployment rate is falling for all the wrong reasons.
The disappointing March employment report suggests job growth is coming back in sync with economic expansion after unusually strong job growth in the winter.
The US economy is creating more jobs at slightly higher pay. But the averages can be deceiving.