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April 2, 2010 in Business, Nation/World
Employers added most jobs in 3 years in March
WASHINGTON — The nation’s 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 rapidly reduce the unemployment rate.
The Labor Department 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 U.S. 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 increase in jobs from reducing the unemployment rate.
The economy began recovering in the middle of last year, but is only now showing modest job gains.
“It is still disappointing that it took roughly nine months before we started to see any meaningful rebound” in jobs, Paul Ashworth, senior U.S. economist at Capital Economics, wrote in a note to clients.
The stock market was closed for Good Friday but stock futures edged up in an abbreviated session of electronic trading. Dow Jones industrial average futures rose about 0.3 percent.
Interest rates rose in the bond market after the report. Investors often sell Treasurys and favor riskier assets like stocks and commodities when the economy is improving.
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 separate months since the recession began.
Still, more Americans said they were working part-time even though they preferred full-time work. When they and discouraged workers who have given up searching for jobs are included, the “underemployment” rate ticked up to 16.9 percent from 16.8 percent.
And average hourly earnings fell by two cents to $22.47. That shows that high unemployment is enabling companies to hold down wages. Average weekly earnings rose by about $3 to $629.37, partly reflecting the longer work week.
In a stark illustration of how hard it remains for many people to find jobs, the number of those out of work for six months or longer increased to 6.5 million, a record high.
More than 44 percent of those out of work are long-term unemployed, also a record.
“For those laid off, unemployment is stretching longer and longer and putting severe distress on families,” said Christine Owens, executive director of the National Employment Law Project, a nonprofit advocacy group.
Still, Friday’s jobs report follows positive data earlier this week that showed consumers are increasing their spending and manufacturing activity is growing at its fastest pace in more than five years. Economists are increasingly confident that the nation will avoid a “double-dip” recession, in which growth slows after a short burst at the end of last year.
“The stars are starting to align here,” said Brian Bethune, chief U.S. financial economist at IHS Global Insight.
Analysts expect the economy will expand at a roughly 3 percent pace in the current January-to-March quarter. That’s roughly half the 5.6 percent pace seen in the final quarter of last year.
Normally, growth in the 3 percent range would be considered respectable. But the nation is emerging from the worst recession since the 1930s. Growth needs to be in the 5 percent range or higher to quickly drive down the unemployment rate. Both the Federal Reserve and Obama administration expect joblessness will remain above 9 percent through the end of this year.
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Northwest wheat 
misjustice on April 02 at 9:47 a.m.
Yeah, JOBS! Maybe the economy is starting to turn…
Orange on April 02 at 10:58 a.m.
Nope, just a temporary signal of temporary jobs in a temporary economy. Stimulas is temporary as well.
Megan_B on April 02 at 11:14 a.m.
Employers are more likely to hire someone that just finished a temporary job than someone who has been laid of for two years. Being unemployed for that long puts up some major red flags for most employers. Plus, temp jobs spice up resumes, add experience, and allow people to earn their money instead of getting free unemployment checks. I would prefer to see less extensions in unemployment benefits and more put into temporary jobs, especially ones dedicated to infrastructure and clean energy, that would create a lasting impact on our economy and country for the better.
misjustice on April 02 at 11:43 a.m.
MANY of these jobs are considered full-time, permanent jobs; and this month other economic indicators are up, such as car sales!
And who knows, some positions start out as temporary, non-permanent, and end up turning into full-time, permanent jobs.
I’ll take the good news and the glimmer of hope that it casts anyday!
Dazzeetrader11 on April 02 at 11:54 a.m.
Temp jobs and Government jobs…as expected in this era of expanding government. No gain in permanent jobs that offer stability and real growth…..Still 17 % in unemployment if the people who have quit looking are factored in.
It’s just a continued trick….to show O is saving the US economy. He isn’t. Until we see manufacturing jobs pick up and permanent jobs surge, we won’t see a real turnaround. And lurking in the shadows is the serious concern that the economy will take another amjor downturn…(double dip recession). Many think it’s unavoidable once Summer job don’t pan out.
Nobody gives loans or allows credit to temps. Thus, serious buying power is limited. Major items (such as home buying) won’t be bought because there is no permanent jobs to support the loans. Still, itty bitty jobs will hold off some of the downturn in peoples’ lives.. Better than nothing I guess…a LOT better.
The only thing that gives (this is historical) a boost to the economy are tax cuts to those who provide the jobs. ATT, John Deere, Cat, Verizon….all will cut jobs to deal with O’s healthcare burden. If that healthcare bill is slowed or muchof it erased, things won’t get better but they won’t get worse. Jobs jobs jobs…follow education. Now that he’s tied up loans and processing, things will be iffy. Banks did a better job… as the government always does worse than the private sector. Obama has actually raised taxes…not given cuts. Smart fella..
misjustice on April 02 at 12:43 p.m.
So, Dazee, to sum it up:
“it’s not good to have a spending wildman in the White House…..them thar Dims git everythings for free.. we have a virtual madman at the helm.. this little pretender in the WH. The rest of the world doesn’t trust Obama. They shouldn’t. Tyranny breeds this. Tyranny… That’s tyranny. Obama loves it.
Obama was elected by a majority.. despotic abuse of authority….. people don’t like tyranny;) I know one when I see one…..he’s a Socialist. Tyranny only goes so far. arbitrary or unrestrained exercise of power. Tyrannical Socialism is one step back from the Russia of old.
America seems to be waking up after 14.5 months of tyranny…. I cannot imagine Obama surviving given the tenor of his first year. disfavor of the Obama… he plotted for the Presidency. Dreams from the faux messiah. In America, you’re on your own.
He concealed, shucked, bobbed and weaved until his own pride and inexperience have lifted the veil on this “wonderkind”. Terrible days ahead for America. Communists/Socialists love this type of thing… Obama will take what he wants. Obama is an idealogue. I’m not a caucasian goofy.. obama takes over. do whatever’s necessary to control citizens. and most of his work has been directed at tearing down the Constitution by any and every means
Obama has never been in the real world of work. he is trying to make his vision work… Jobs matter to him so he can notch an accomplishment and be re-elected. He’s fled reality complete liberal socialist Communists/Socialists love this type of thing….it cripples production, jobs, etc. It’s a version of mayhem….and what follows is…..??? Guess! Wake America….”they’re here”… and obama takes over
Next up: Immigration…he’ll try to buy their votes too. a version of mayhem… control citizens and push his ideas throughwhy they’re angry. Is it a sign of the Obama times? He won’t save you…..Don’t be so angry you can be rewarded too…..In Obama’s America Everyone should be the same (except him and his chosen helpers)… It’s garbage people. why so angry? you’re out of sortswhat’s up with your anger
The rest of the world doesn’t trust Obama. They shouldn’t. them thar Dims git everythings for free.. this new “peacock”…. we have a virtual madman at the helm this little pretender in the WH Tyranny… Obamacare. ignored the will of the people. people don’t like tyranny;) I know one when I see one…..he’s a Socialist. That’s tyranny. Obama loves it. And don’t patronize me. Stick to the facts and you might make a point worth considering. america seems to be waking up after 14.5 months of tyranny Tyrannical Socialism
Dreams from the faux messiah Obama will take what he wants Obama is an idealogue I’m not a caucasian goofy..I do have common sense though obama takes over If you ever read something instead of just mouthing off, you might be close to literate..not smart but conversant with some intelligence added in. Obama has never been in the real world tearing down the Constitution by any and every means.
Obama shucked, bobbed and weaved this imposter wildman in the White House…..them thar Dims git everythings for free.. this new “peacock”…. a virtual madman this little pretender in the WH Obama was elected by a majority Tyranny breeds this That’s tyranny. Obama loves it. And don’t patronize me. the will of the people. people don’t like tyranny;) I know one when I see one…..he’s a Socialist.
Typical Obama idea…to make up for the votes he’s lost by abusing American voters. Buying votes seems to be his way. he buys votes with out money. He’l be gone soon enough.”
Did I leave anything out, Dazee?
BigE on April 02 at 12:55 p.m.
Ms. Justice, Please don’t lower your intellect for us Republicans, stay on top of your educated Demo’s, they are looking to you for answers. By the way, we are not all 80 and having tea parties in searchlight NV, nor do we all like Caribou Barbie/Palin..
misjustice on April 02 at 1:40 p.m.
Just quotting DasiyM’s own words from previous posts; wanted to be sure that I understood her argument…thanks BigE.
BigE on April 02 at 2:09 p.m.
Your Welcome Ms. Justice, as I have said before, I applaud your legal wisdom.
Dazzeetrader11 on April 04 at 1:52 a.m.
If the new data is examined, it’s also clear that part time people aren’t in the 9.7% either. If those who were full time go to part time, the picture is much worse. Temp jobs (census) are counted as fully employed. It’s a manipulation. Things won’t get better with a “jobless” recovery. Just propping up.
Soon enough, this ‘ll become apparent. IRS jobs witll be the monitors for Obamas healthcare enforcemnt. Should be fun…but it’s unlikely things will turn around by November.Obamas negatives have soared this past week. Even CBS polls released yesterday confirm that….and it’s getting worse. And the differences are from Independents and Dems themselves…so it’s not just a party line..
Nice of you to mix tons of different quotes together from different topics misj…and what does it prove?…proves that you cannot think for yourself. Covering me is a sincere form of flattery.. so thanx.
SpokaneLiberal on June 24 at 12:05 p.m.
Have any of you heard of John Maynard Keynes? Keynesian economic theory contradicts what you are asserting, mainly that increases in government spending, even (and especially) deficit spending in times of economic recession are not only justifiable, they are vital to the long term survival of a modern economy.
The bigger issue is cutting taxes and increasing spending in “boom” years. Boom years should be taxed heavily to and spending reduced to pay off debt. That way when you have to deficit spend in a major recession you don’t take the books over the deep end.