New Disappointing Jobs Report: Unemployment Falls But Hiring Slows

The nation's jobs picture got a weaker-than-expected shot in the arm Friday, following a report from the Labor Department that showed the economy created 120,000 jobs in March, well below analyst expectations of 200,000 newly created positions.

As expected, the pace of job creation slowed in March, even as the country's overall unemployment rate fell to a three-year low of 8.2 percent, down from February's 8.3 percent. Within minutes of the jobs report's release, labor-market watchers labeled the latest report "disappointing" even as some noted that the overall recovery in employment remains on track.