Friday, April 1, 2011

Unemployment Drops Again in March

Last month, national unemployment numbers (for February) dropped into the 8% range for the first time since this recession hit.  Fortunatley, the slow but steady trend has continued into the month of March where the unemployment rate droped by one point from 8.9% to 8.8%.  216,000 private sector jobs were created.

In March, the U.S. economy added 216,000 new jobs, beating Wall Street expectations and continuing a trend of solid job growth. This is the second straight month of gains in the 200,000 range -- the benchmark number that economists say the American economy must hit, month over month, in order to bring the unemployment down to pre-recession levels in 5 years.
The unemployment rate dropped by one percentage point to 8.8 percent, according to the Bureau of Labor Statistics data released this morning. The labor force participation rate held steady, indicating that the pool of millions of Americans who have grown too discouraged to seek work have not begun to return to the job market.


The economy added jobs in professional and business services (+78,000), health care (+37,000), leisure and hospitality (+37,000), and mining. Employment in manufacturing continued to grow as well (+17,000), while employment in state and local government continued to shrink. Local government has lost 416,000 jobs since an employment peak in September 2008.

Is this proof positive that the stimulus is working?
Are the numbers painting a false picture due to the numbers of people who have given up trying?
Bottom line, is the Economy moving in the right direction?
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