U.S. job growth rebounds in March, but wage gains moderate

U.S. employment growth accelerated from a 17-month low in March as milder weather boosted hiring in sectors like construction, which could further allay fears of an abrupt slowdown in economic activity in the first quarter. Worsening worker shortages and lingering effects of tighter financial market conditions at the turn of the year, however, left job growth below 2018’s brisk pace. The Labor Department’s closely watched monthly employment report on Friday also showed a small upward revision to February’s meager job gains. Wage increases also slowed in March and more people dropped out of the labor force, leaving the report broadly supportive of the Federal Reserve’s decision last month to suspend its three-year campaign to tighten monetary policy. The U.S. central bank dropped projections for any interest rate hikes this year after increasing borrowing costs four times in 2018.