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JOB GROWTH
SURGES IN
MARCH;
UNEMPLOYMENT
STAYS PUT
Payrolls continued to expand steadily in
March, though a close look at the numbers
suggests a slightly cooler picture than the
headline statistics depict.
e Department of Labor reported 192,000
new jobs in March, down slightly from
February's revised job growth of 197,000
(from 175,000 originally reported). January's
employment growth was also revised, receiving
a bump up to 144,000 from 129,000 reported in
March.
Despite March's apparent strength, the
overall unemployment rate stubbornly stayed at
6.7 percent, unchanged from February (which
was a slight step up from January's 6.6 percent).
What's more, the seasonally adjusted U-6
stat, which includes all unemployed people as well
as everyone "marginally attached" to the labor
force and those employed part-time for economic
reasons, notched up slightly to 12.7 percent from
12.6 percent previously.
Perhaps more encouraging, the number of
long-term unemployed (people jobless for 27
weeks or longer) inched down slightly to 3.7
million—though, at 35.8 percent, the share of
long-term unemployed remained high.
Among other major indicators, news was
mixed: e average workweek increased slightly
to 34.5 hours, offsetting a net decline over the
prior months and giving weight to arguments
that recent declines were a temporary effect
of the weather. In an interview before the
government's numbers were released, Moody's
Analytics director Ryan Sweet said the spring
thaw should help boost hours.
"We should get a bounce-back in March and
also possibly into April," Sweet said, adding: "A
longer workweek bodes well for future hiring."
Meanwhile, average hourly earnings—
another stat Sweet says he's keeping an eye on—
edged down a cent to $24.30.
"During this recovery, the relationship
between wage growth and consumer spending
has been very, very tight," he said. "In other
words, consumers are spending only what they
have in their pockets."
With income still struggling compared to
other economic figures, Sweet says consumers
have been reluctant to lean on credit for
purchases, hampering spending.
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