US jobs machine stalls in March

After a year of pumping up their payrolls, US employers sharply cut back hiring in March, in a fresh sign of a slowdown in the world's leading economy.

Labor Department data Friday showed the economy generated a disappointing 126,000 net new jobs in March, half of what was expected and the worst month since December 2013.

The department also trimmed 69,000 from the two previous months, dimming the picture for growth after a year that averaged 287,000 new hires a month across the country.

While the jobless rate held at 5.5 percent, the lowest level since May 2008, and wages showed more strength than in recent months, the March data had other worrisome signs: hours worked fell, unemployment among all adult men and among African Americans rose, and the participation rate in the jobs market fell.