The economy added 98K jobs in March, the smallest gain in a year, and well south of expectations for 180K. The unemployment rate, however, fell to its lowest level in nearly 10 years at 4.5%.
Revisions trimmed 38K in job gains from January and February.
Big drops in headline unemployment have often come alongside declines in the labor force participation rate (kind of the denominator in the equation), but that held steady in March at 63%. Helping was the household survey, which showed a 472K job gain.
The broader U-6 unemployment rate dropped all the way to 8.9% from 9.2%.
The average workweek was unchanged at 34.3 hours, and average hourly earnings rose an inline 0.2% to $26.14; earnings are higher by 2.7% Y/Y.
Flat ahead of the NFP print, U.S. stock index futures are now down about 0.25% across the board. SPY -0.35% premarket