Hiring decreases in March jobs report
The March careers report has just been introduced by the Department of Labor. While there was a little increase in the amount of individuals who were employed and unemployment is trending downward, federal officials and experts were hoping for more. Article source: Spring hiring slowed in March jobs re-port.
Officials and analysts had predicted a fairly strong spring for hiring, as more companies select up additional people before the summer season. Recent joblessness reports had shown promise, according to Bloomberg. Initial jobless claims fell by 5,000 to 359,000 in the week ending March 24, the lowest number observed since April 2008.
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March was anticipated to a month full of extra employees being hired on since the last three months have shown payroll increases and the unemployment rate has been decreasing. It was anticipated that there would be a total of 215,000 jobs added: 5,000 from the public sector and 210,000 from the private sector, according to USA Today.
Many feel disappointed
Unfortunately, the Labor Department careers report for March yielded much lower additions to the payroll than were expected. The Bureau of Labor Statistics disclosed that only 120,000 jobs had been added to payrolls for the month, about half the number anticipated.
It seems that the joblessness rate drop from 8.3 percent to 8.2 percent was from people quitting work entirely as opposed to added jobs, according to CNN, which is an enormous disappointment also. There was a 7,500 decrease in the amount of temporary workers, according to USA Today.
There were a ton of cuts in careers in the private sector in construction and retail. There were 34,000 careers lost in retail and 7,000 lost in construction, which is an enormous problem.
May be good
Though the March jobs report seems dismal, employers have added 858,000 careers in the past four months.
Another promising sign, according to CNN, is that the underemployment rate, or the number of people who are not working to their full capacity, dropped from 14.9 percent in Feb. to 14.5 percent in March, down from the high point in Nov. 2009, when it reached 17.2 percent. An estimated 7.6 million people are still considered underemployed.
Also, the unemployment rate is nearer to 8 percent than 9 percent. In August of 2011, according to Reuters, the joblessness rate was 9.1 percent.
The forecasts for the rest of the year are looking really good. For instance, USA Today explained that economists are expecting unemployment to reach below 8 percent for the rest of the year. Employers are anticipated to add more positions to the payroll, making hiring slow but steady for the rest of the year too.