Labor markets eased slightly in March. Nonfarm payrolls fell 36,000 for the month, the first decline in more than a year. The overall decrease was led by dips in construction (88,000), retail (48,000), and restaurant (43,000) employment. The drop in construction was due to unseasonably cold March weather. Monthly employment growth averaged 205,000 in 1998:IQ, down from 358,000 in 1997:IVQ.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-04, pp. 12, 04.01.1998.