Biggest US job gain in 3 years
By Christopher S. Rugaber |
April 3, 2010, Saturday
|
Print Edition
Print Edition
THE United States 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 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 cut the unemployment rate.
The US Labor Department yesterday 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 US 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 rise 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 slump began.
Still, more Americans said they were working part-time although they favored full-time work. Average hourly earnings fell to US$22.47. That shows that high unemployment is enabling firms to hold down wages.
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 cut the unemployment rate.
The US Labor Department yesterday 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 US 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 rise 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 slump began.
Still, more Americans said they were working part-time although they favored full-time work. Average hourly earnings fell to US$22.47. That shows that high unemployment is enabling firms to hold down wages.
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