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Employers Added Most Jobs in 3 Years in March
Hartford Business Journal 4/2/10
The nation's economy posted its largest job gain in three years in March,
while the unemployment rate remained at 9.7 percent for the third straight
month, The Associated Press reports.
The increase in payrolls is the
latest sign that the economic recovery is gaining momentum and healing
in the job market is beginning. Still, the healing is likely to be slow,
and most economists don't expect new hiring to be fast enough this year
to rapidly reduce the unemployment rate.
The Labor Department said employers
added 162,000 jobs in March, the most since the recession began but below
analysts' expectations of 190,000. The total includes 48,000 temporary
workers hired for the U.S. Census, also fewer than many economists forecast.
Private
employers added 123,000 jobs, the most since May 2007. "It's
just the beginning of a rise in private hiring that will help sustain
the recovery," said Stuart Hoffman, chief economist at PNC Financial
Services Group. "They're not big numbers, but they're welcome numbers."
Still,
there are 15 million Americans out of work, roughly double the total
before the recession began in December 2007. More Americans entered the
work force last month, which prevented the increase in jobs from reducing
the unemployment rate.
Manufacturers added 17,000 jobs, the third straight
month of gains. Temporary help services added 40,000, while health care
added 37,000. Leisure and hospitality added 22,000.
Even the beleaguered
construction industry added 15,000 positions, though that likely reflects
a rebound from February, when major snowstorms may have kept many construction
workers off payrolls.
The average work week increased to 34 hours from
33.9, a positive sign. Most employers are likely to work current employees
longer before they hire new workers.
The department also revised January's
job total to show a gain of 14,000, up from a previously reported loss
of 26,000. February's job numbers were also revised higher by 22,000
to show a loss of 14,000. The economy has now added jobs in three months
since the recession began.
Still, more Americans said they were working
part-time even though they preferred full-time work. When they and discouraged
workers who have given up searching for jobs are included, the "underemployment" rate
ticked up to 16.9 percent from 16.8 percent.
And average hourly earnings
fell by two cents to $22.47. That shows that high unemployment is enabling
companies to hold down wages. Average weekly earnings rose by about $3
to $629.37, partly reflecting the longer work week.
You can also check out:
Businesses Hire Temporary Workers (video)
9/09
How Temporary Help Agencies Impact The Labor
Market (video) 1/10
Temp Jobs Helping Turn Around Economy (video)
1/10
Trends Show Recent Upswing in Hiring
(article) 1/10
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