The labor department reported that it added 216,000 jobs which showed signs that the United States economy will kick into gear and it knocked the unemployment rate down to 8.8 percent. Oil prices have been rising and turmoil is found in many concerns of the global economy and so the economist are waiting to see if these changes will affect the hiring but till nown the answer is no. The gain the jobs exceeds the expectations of the economists slightly. Manufacturing by adding 17,000 jobs continued in the state in the few years ago and it would have been considered an unlikely one. Professional and business service added another 78,000 and the health care added 37,000jobs about 37 percent of which came from increase in temporary help. In the private sector job growth it was the 13th straight month. There are more than 6 million people who are jobless for 27 weeks or more and the number of long term unemployed remained painfully high.
The small size of the national labor force is reflecting the discouragement with the prospects for employment because of the pressing concerns which remains. It has shrunk over the past few years to just 64.2 percent of adults who are looking for a job in the work force. Many economist forecasts that American would re enter the work force in greater number in the years to come as it is highly necessary. As the participation rate was left unchanged and that did not happen in the month of March. The average hourly earnings remained the same by the average workweek which was also unchanged at 34.3 hours. Both are the signs of an economy with little upward pressure and much slack demand on wages. It is the sign of an economy which is not yet firing on all cylinders. Joshua Shapiro an economist at MFR Inc said that with that they are going to see meaningful acceleration in wage rates anytime soon because of the excess supply of labor at very high levels. Slough of despond has been offered by the local and the state governments. Since September 2008 that is when the employment was at its peak the local government has lost 416,000 jobs and shed another 15,000 jobs in the month of March. On the whole, the government is taking all steps that are very much needed for it to create jobs and eradicate unemployment at the earliest.
By: Teni Sow | Senior Editor at Tambapress.com and Regular Contributor to Presspresser.com
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Category: Business/ Economy
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