The 11.7 million Americans searching for work got discouraging news Friday morning when the Labor Department said employers created only 88,000 jobs in March. The weak job growth comes at the same time benefits for the long-term unemployed are shrinking.
The smaller-than-expected increase in payrolls was a big disappointment, coming after a long stretch of much better results. Over the past year, employment growth has averaged 169,000 jobs a month.
But the nation's jobless rate still edged down to 7.6 percent from 7.7 percent. That dip wasn't for a good reason, though: Nearly half a million fewer people were participating in the labor force. That smaller pool meant the jobless rate could tick down even as job growth was weak.
From 'Morning Edition': Yuki Noguchi talks with David Greene
Update at 8:41 a.m. ET.: Job Growth Slows Sharply, But Unemployment Rate Dips
Although economists had been expecting to hear that the U.S. economy added 200,000 jobs in March, the news is out and the number is far less. Just 88,000 jobs were added to private and public payrolls, the Labor Department reports. The jobless rate still edged down to 7.6 percent — but only because nearly half a million fewer people were in the labor force.
Bitcoin is a virtual currency that's traded largely online. It was created in 2009 in the aftermath of the global financial crisis as an alternative to currencies which are controlled by countries and central bankers. But Bitcoin has been on a wild ride lately, soaring in value during the anxious days of the Cyprus banking crisis.
We're going to look at the currency's history in today's Business Bottom Line. Here's NPR's Steve Henn.
Now former Enron CEO Jeffery Skilling could be released early from federal prison, as part of a reduced sentencing agreement under consideration at the Justice Department. Skilling was sentenced to 24 years in prison for his role in the collapse of the energy trading giant.
Let's go now to the Great Plains, where farmers are preparing for what could be a tough growing season. They are scrambling to find irrigation water, which is scarce in the midst of the region's persistent drought. In eastern Colorado, thirsty cities have gobbled up water rights for decades, selling what they don't need back to farmers.
As Luke Runyon from member station KUNC reports, the agreement only works when water is plentiful.
The Labor Department on Friday reported the nation's unemployment rate inched down to 7.6 percent in March, the lowest rate in four years, mainly due to more people stopping their search for work. In February, the job rate was 7.7 percent.
The computer maker's chairman Ray Lane has stepped down as executive chairman. He's been on thin ice with shareholders after his role in acquiring a business software company ended up hurting HP's bottom line.
Vice founder Shane Smith attends the premiere screening for the MTV series <em>The Vice Guide To Everything</em> in New York City in December 2010. Vice's new documentary series on HBO launches Friday.
Credit Jemal Countess / Getty Images
Vice Media is based in Brooklyn, N.Y., but it employs 1,000 people in 34 countries.
Fast-food restaurants were a little bit slower Thursday in New York City. Hundreds of workers staged a one-day strike in what organizers are calling the biggest job action ever in that industry. It's a growing segment of the economy, but workers complain that fast-food jobs don't pay enough to survive in New York City.
If you've applied for a mortgage recently, you know how hard it can be. The bank demands all kinds of obscure documents and wants proof of almost every asset you own. But an innovative mortgage program halfway around the world will evaluate your application without any extra documentation — and if you're approved, it will give you a 15-year fixed-rate mortgage. There's just one catch: The mortgages are only for low-income people in Cambodia. The program is a throwback to the days when bankers got to know their customers — and trusted them.