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The Bureau of Labor Statistics will release its monthly jobs report at 8:30 a.m. ET.Economists forecast that the US economy added 180,000 nonfarm payrolls in March, according to Bloomberg. The unemployment rate is expected to remain unchanged at 4.7%.
The manufacturing sector is expected to show another decent month of job gains, with 17,000 additions. In February, 28,000 new jobs were created, although that may have been a one-time bump because unusually warm weather increased demand in some industries like construction. Many economists do not expect the sector to maintain that pace of gains as robots play an increasing role and amid promises from Washington to create many more manufacturing jobs.
The pace of overall job creation partly depends on how many people - especially those in the prime age range of 25-54 - return to the workforce. Last month, the labor-force participation rate was 63%, remaining near the lowest level in decades as the baby boomer generation continues to entire retirement.
Average hourly earnings are forecast to increase 0.2% month-on-month and 2.7% year-on-year, still near a post-recession high. The record, set in February, was further evidence of a tighter labor market.