The U.S. added only 126,000 jobs last month, the lowest amount on a jobs report since Decemeber of 2013, according to CNBC
It also marks the first time in more than a year the figure is below 200,000. On an average month, 269,000 jobs are created.
"Economists expected nonfarm payrolls to rise 245,000 in March," CNBC reported. Instead, the jobless rate stayed at 5.5 percent.
"We were due a clunker," John Canally, chief economic strategist at LPL Financial, told CNBC. "It's probably the same things that are going to be impacting the earnings season in a couple weeks. It's the strong dollar hitting manufacturing, the port strike hitting manufacturing, it's the really awful weather...But across all sectors, it was just pretty soft."
In January and February, the jobs report numbers both had to be revised, and neither changes were for the better. In February, the number of jobs created was initially reported as 295,000 but revised to 264,000. For January, the fixed number was 201,000, which came in at 38,000 less than what was first announced.
"Pretty much across the board a soft report," Kathy Jones, fixed income strategist at Charles Schwab, told CNBC. "It has clearly pushed back expectations from a June rate hike on the part of the Fed. Now we're probably looking at a higher likelihood in September, if then, and a flatter yield curve."
A closer look at which industries lost the most jobs show mining and nursing care as the most affected. Mining cut 11,000 jobs while nursing care lost 6,000, according to CNBC. Other downward trends appeared in the bar and restaurant industry, which added only 9,000 positions in March. In Febuary, that industry added 66,000 jobs.
