The numbers from the March jobs report are better. The U.S. economy gain 162,000 jobs in March, the biggest jump in three years. CNN reports that this was less than what analysts were expecting, but at least it was a jobs report in the right direction.
Economists surveyed by Briefing.com had forecast a gain of 184,000 jobs. But despite missing forecasts, the March number was generally not seen as a disappointment by economists, because revisions in January and February readings added a combined 62,000 additional jobs.
The unemployment rate remained stubbornly high, holding steady at 9.7%, matching economist expectations.
The jobs created in March are still not good enough. The economy needs really needs to create at least 300,000 jobs per month. It also needs to do this consistently. Republican National Committee Chairman Michael Steele said a statement taht "a large portion of the job growth came from temporary boost in government employment."
Labor Secretary Hilda Solis says it is modest and stable growth but they know more needs to be done. Take a look:
11,000 jobs were lost in November. The unemployment rate also improved to 10%.
It was the 23rd consecutive month the economy has last jobs. However, CNN reports that the losses were much lower than analysts had been expecting.
U.S. payrolls slipped 11,000 jobs in the month, far below any of the job losses posted over the last 23 months. Economists surveyed by Briefing.com had forecast a loss of 125,000 jobs in November.
The October and September job loss estimates were also revised sharply lower, trimming previous job loss estimates by 159,000 between them.
The new reading put October job losses at 111,000 jobs, and September's loss estimate was cut to 139,000. Each of those new estimates would have been the smallest declines in more than a year.
CNN says the total number of hours worked by American workers actually increased by 0.6%. This is small but a positive sign. Unfortunately, some of this could be seasonal holiday retail hiring. It doesn't mean the economy is out of the woods and the layoffs have ceased.
February's job report is in and it isn't pretty. The economy lost 63,000 jobs last month. The jobs report for January was revised downward to a minus 22,000 jobs so the economy has lost over 80,000 jobs already this year. The IHTquotes economist Jared Bernstein as saying he hasn't "seen a job report this recessionary since the last recession."
The economy shed 63,000 jobs in February, the government said Friday, the fastest falloff in five years and the strongest evidence yet that the nation is headed toward - or may already be in - a recession.
Manufacturers and construction companies, reeling from the worst housing slump in decades, led the declines in payrolls. But the losses were spread across a broad range of businesses - including department stores, offices and retail outlets - putting increased pressure on consumers' pocketbooks.
The unexpected decline raised anticipation on Wall Street that the Federal Reserve would lower interest rates again this month, perhaps by as much as a full percentage point, as the central bank scrambles to stave off a steep economic slowdown.
"I haven't seen a job report this recessionary since the last recession," said Jared Bernstein, an economist at the Economic Policy Institute in Washington. "This is a picture of a labor market becoming clearly infected by the contagion from the rest of the economy."
Unless there is a big positive number in March then the first quarter is going be negative for job growth. You can see the February, 2008 jobs report from the BLS here.
U.S. News reports that only 132,000 jobs were created in June. They seem to be taking a positive tone with that weak number. They also provide these "fun facts" about employment reports.
Five Fun Facts: 1) The unemployment rate for college graduates was 2.0 percent vs. 4.1 percent for workers who are just high school grads; 2) Voluntary job leavers jumped by 46,000 to 810,000, perhaps showing more worker confidence; 3) The labor force participation rate edged up to 66.1 percent from 66.0 percent, meaning more people joined or rejoined the working world; 4) Hourly earnings rose 0.3 percent for a year-over-year rate of 3.9 percent; 5) An average of 145,000 net new jobs have been created per month this year vs. 189,000 last year.
It is surprising there is so much excitement over weak job performance. During the Clinton administration job growth averaged 236,000. That's much higher than the continually weak monthly job performance under the Bush administration.
