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More hiring gives hope for US
By Christopher S. Rugaber |
September 4, 2010, Saturday
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Print Edition
Print Edition
PRIVATE employers hired more workers over the past three months than first thought, lifting hopes for the weak United States economy ahead of the Labor Day weekend. But the unemployment rate rose in August for the first time in four months as more Americans entered the market looking for work.
Companies added a net total of 67,000 new jobs last month and both July and June's private-sector job figures were upwardly revised, the US Labor Department said yesterday.
While the report hardly suggests the economy is out of danger, it's a reassuring sign after weeks of troubling data.
Scott Brown, an economist at Raymond James, said he sees no sign of the country slipping back into recession. "You're still seeing broad-based job gains. It's not strong, but it's positive," Brown said.
Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, manufacturing lost jobs -- down a net total of 27,000 for the month. The auto industry accounted for 22,000 of the lost jobs, the department said. But the losses were largely due to a shift in the timing of the industry's summer layoffs.
State and local governments shed 10,000 positions and have had net jobs losses in every month but one this year.
Temporary employment rose by nearly 17,000, after a slight loss in July. That indicates employers are looking to boost their work forces, but are reluctant to do so permanently. Temporary hiring averaged 45,000 per month from October to May, but has since slowed.
The jobless rate rose to 9.6 percent from 9.5 percent in July. More than a half-million Americans resumed their job searches in August, which drove up the jobless rate. It's the first time the labor force has grown since April.
Companies added a net total of 67,000 new jobs last month and both July and June's private-sector job figures were upwardly revised, the US Labor Department said yesterday.
While the report hardly suggests the economy is out of danger, it's a reassuring sign after weeks of troubling data.
Scott Brown, an economist at Raymond James, said he sees no sign of the country slipping back into recession. "You're still seeing broad-based job gains. It's not strong, but it's positive," Brown said.
Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, manufacturing lost jobs -- down a net total of 27,000 for the month. The auto industry accounted for 22,000 of the lost jobs, the department said. But the losses were largely due to a shift in the timing of the industry's summer layoffs.
State and local governments shed 10,000 positions and have had net jobs losses in every month but one this year.
Temporary employment rose by nearly 17,000, after a slight loss in July. That indicates employers are looking to boost their work forces, but are reluctant to do so permanently. Temporary hiring averaged 45,000 per month from October to May, but has since slowed.
The jobless rate rose to 9.6 percent from 9.5 percent in July. More than a half-million Americans resumed their job searches in August, which drove up the jobless rate. It's the first time the labor force has grown since April.
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