US hiring down, jobless rate dips
Source: Agencies |
April 7, 2012, Saturday
|
Print Edition
Print Edition
EMPLOYERS pulled back sharply on hiring last month, a reminder that the United States economy may not be growing fast enough to sustain robust job growth. The unemployment rate dipped, but mostly because more Americans stopped looking for work.
The US Labor Department yesterday said the economy added 120,000 jobs in March, down from more than 200,000 in each of the previous three months.
The unemployment rate fell to 8.2 percent, the lowest since January 2009. The rate dropped because fewer people searched for jobs. The official unemployment count only includes those seeking work. The economy has added 858,000 jobs since December - the best four months of hiring in two years.
The mixed report was a disappointment after three months of solid job growth. The slowdown in job creation could threaten a recent rise in consumer confidence and dent investors' enthusiasm for stocks.
Federal Reserve Chairman Ben Bernanke has cautioned that the current hiring pace is unlikely to continue without more consumer spending.
Retailers shed nearly 34,000 jobs in March, and temporary help firms dropped almost 8,000 - a potentially bad sign for the job market because companies often hire temp workers before adding full timers.
Manufacturers continued to add jobs, hiring 37,000 workers in March.
A broader measure of weakness in the labor market - which adds to the officially unemployed those who have given up looking for work and those forced to settle for part-time jobs - improved last month to 14.5 percent from 14.9 percent in February.
The Bureau of Labor Statistics said the economy added 4,000 more jobs in January and February than it previously reported.
Other data suggest the economic recovery is gaining strength. The number of Americans seeking jobless benefits fell last week to a four-year low, the government said on Thursday. Consumers are more confident and spending more.
The service sector expanded at a healthy clip in March and increased hiring, according to a private survey released on Wednesday by the Institute for Supply Management. Factories are busier. Firms are investing more, ordering more machinery and other equipment.
The US Labor Department yesterday said the economy added 120,000 jobs in March, down from more than 200,000 in each of the previous three months.
The unemployment rate fell to 8.2 percent, the lowest since January 2009. The rate dropped because fewer people searched for jobs. The official unemployment count only includes those seeking work. The economy has added 858,000 jobs since December - the best four months of hiring in two years.
The mixed report was a disappointment after three months of solid job growth. The slowdown in job creation could threaten a recent rise in consumer confidence and dent investors' enthusiasm for stocks.
Federal Reserve Chairman Ben Bernanke has cautioned that the current hiring pace is unlikely to continue without more consumer spending.
Retailers shed nearly 34,000 jobs in March, and temporary help firms dropped almost 8,000 - a potentially bad sign for the job market because companies often hire temp workers before adding full timers.
Manufacturers continued to add jobs, hiring 37,000 workers in March.
A broader measure of weakness in the labor market - which adds to the officially unemployed those who have given up looking for work and those forced to settle for part-time jobs - improved last month to 14.5 percent from 14.9 percent in February.
The Bureau of Labor Statistics said the economy added 4,000 more jobs in January and February than it previously reported.
Other data suggest the economic recovery is gaining strength. The number of Americans seeking jobless benefits fell last week to a four-year low, the government said on Thursday. Consumers are more confident and spending more.
The service sector expanded at a healthy clip in March and increased hiring, according to a private survey released on Wednesday by the Institute for Supply Management. Factories are busier. Firms are investing more, ordering more machinery and other equipment.
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