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article image162,000 new jobs- biggest US job growth in three years

By Paul Wallis     Apr 3, 2010 in Business
The US Department of Labor has reported a surge in jobs growth with 162,000 jobs created in March. This compares to a loss of 14,000 in February. This is being touted as plausible evidence of a recovery.
The figures are good, but the overall picture is still showing some frayed edges. Unemployment is currently at 9.7%. Long term unemployed now comprise a record 44.1% of the total. “Underemployment” has increased, with part time jobs going up. The net unemployment figure is static, mainly because more people are rejoining the job market.
However, the number crunching is looking pretty complex.
The market had expected 184,000. Another issue is that apparently the “blizzard unemployed” were included in the mix of payroll increases. People can evidently be sacked by the weather, too.
The 162,000 is based on 123,000 in private payrolls and 39,000 in government payrolls. Manufacturers and construction have both increased hiring, a good sign for two of the more battered industries.
Some job market watchers are saying the recession is over, and positive figures for growth for the last two quarters are showing a reasonable try at a recovery in the strictly technical sense.
America may really be climbing out of the hole, but there’s not yet much dancing in the streets… yet. Compared to the average 5%-ish unemployment pre crash, 9.7% is still grim. The markets are also wary of a percentile rise based on an originally lousy base. Jobless recoveries aren’t unknown, but economists are looking at employment as an indicator because of the depth and severity of this recession.
The payroll increase has to be balanced against the 15 million unemployed. The good news about this figure is that jobs create jobs at a rate of about 5 jobs creating 1 new job.
Let’s hope.
More about Usa economy, Jobs march 2010, Usa employment
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