Friday, April 2, 2010

News of the Day: Employers added most jobs in 3 years in March

By Mike Kruger

The US economy continues to improve under the stewardship of President Obama and the Democratic Congress. The jobs report is further evidence the American Recovery and Reinvestment Act is putting people back to work.

As Chairman of the EDUCATION & LABOR COMMITTEE, Congressman George Miller
(D-CA) said, “Today’s news that our nation created the most jobs in three years is a sign that our efforts are helping to move our economy in the right direction. When President Obama first inherited this crisis, our economy was losing around 700,000 jobs a month. Today’s figures reflect what private sector economists have told us: that the Recovery Act has increased economic activity and is helping to restore confidence in families and businesses. “But, we are not out of the woods yet. All across the country, local communities are announcing layoffs of thousands of teachers, public safety officers and other vital personnel because of tight budgets.

These layoffs threaten to reverse today’s positive economic report and stall the real progress we are making. House Democrats and a bipartisan group of mayors introduced legislation to create one million public and private sector jobs to help restore vital services that families and local communities rely on.”A

ccording to the Associated Press, employers added the most jobs in 3 years in March. The jobs report said:

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.

There are 15 million Americans out of work. More Americans entered the work force last month, which prevented the increase in jobs from reducing the unemployment rate.

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 months since the recession began in December 2007.

If you are a small business owner, and wondering how you can benefit from this improving economy, well There's An Act For That, Too.

Mike Kruger
Online Outreach Specialist
Committee on Education and Labor

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