Pace of Hiring Slows in Mixed Jobs Report

WASHINGTON—U.S. hiring slowed in March but broader trends suggest slack in the labor market is disappearing, leaving the Federal Reserve on track to keep raising interest rates and workers with prospects of better paydays.

Nonfarm payrolls rose by a seasonally adjusted 98,000 in March from the previous month, the Labor Department said Friday, a slowdown from earlier in the year. Still, the unemployment rate dropped two-tenths of a percentage point to 4.5%, the lowest level since May 2007. The drop in the jobless rate…

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