Wages grew at a slightly faster pace in March, and might have risen more were it not for blustery spring weather.

CNBC reported that the economy added 103,000 jobs in March, about 90,000 fewer than expected, and wages rose 0.3%, or 2.7% year over year. Wages grew slightly more than some economists expected, but were just above the 2.6% annual rate of February, when the economy added a stunning 326,000 jobs.

Markets, already shaken by trade news, took the jobs report in stride, with stocks remaining slightly lower and Treasury yields off a tad. The wage number was seen as one element of the jobs report that could have been a set back for stocks if it was much hotter than expected, as it was in January’s report.

 The markets were concerned a more rapid rise in wages suggests that inflation could be picking up, and that would encourage the Fed to raise interest rates at a faster pace. But the March wage number was seen as a steady improvement, in line with slowly rising inflation.
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