Economy Gains 103,000 Jobs in March; Unemployment Unchanged at 4.1%

Posted by | April 06, 2018 | Uncategorized | No Comments

By Kenneth Quinnell Economy Gains 103,000 Jobs in March; Unemployment Unchanged at 4.1%

The U.S. economy gained 103,000 jobs in March, and unemployment was unchanged at 4.1%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

This continues the recovery of the labor market at a tempered pace, which means the Federal Reserve’s Federal Open Market Committee should continue to let the economy grow and not raise interest rates.

AFL-CIO President Richard Trumka testified before Congress on a key solution that would boost jobs growth and provide other benefits to working people across the country:

One trillion dollars in new infrastructure investment would make a big difference to working Americans and put our nation on the path to sustainable prosperity. How we invest matters; it must be real investment and create good jobs.

Let me be clear: If we want good jobs, we must have high labor standards and protections for the people who build, maintain and operate our infrastructure. That’s not all. We need to make sure public money is used to support American jobs, American resources and American products.

In response to the March jobs numbers, AFL-CIO Chief Economist William Spriggs said:

With the adjustments made to lower the job growth numbers reported in January, the first quarter finished with job growth lower than last year’s, which was lower than the previous year’s.

He also tweeted:

Payroll rose 108,000 in March, slower growth than in February. With wages only up 2.7% over the year. Further Fed hikes are unwarranted with this moderation. @AFLCIO

— William E. Spriggs (@WSpriggs) April 6, 2018

March report from @BLS_gov adjust preliminary figures for January down and February up for a net of 50,000 lower than previously reported. This makes the first quarter modest growth a sign the Fed needs to rethink further rate hikes. @AFLCIO

— William E. Spriggs (@WSpriggs) April 6, 2018

Last month’s biggest job gains were in professional and business services (33,000), health care (22,000), manufacturing (9,000) and mining (9,000), while retail (-4,000) and construction (-15,000) saw losses. Employment in other major industries, including wholesale trade, transportation and warehousing, information, financial activities, leisure and hospitality and government, showed little or no change over the month.

Among the major worker groups, the unemployment rate for teenagers (13.5%), blacks (6.9%), Hispanics (5.1%), adult women (3.7%), adult men (3.7%), whites (3.6%), and Asians (3.1%) showed little or no change in March.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in March and accounted for 20.3% of the unemployed.

Kenneth Quinnell
Fri, 04/06/2018 – 14:44

Source: AFL-CIO

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