Most Jobs Added In Three Years
March brought the largest job gain in three years, even though unemployment remains at 9.7%.
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.
“It’s just the beginning of a rise in private hiring that will help sustain the recovery,” said Stuart Hoffman, chief economist at PNC Financial Services Group. “They’re not big numbers, but they’re welcome numbers.”
There are also other encouraging signs.
Friday’s jobs report follows positive data earlier this week that showed consumers are increasing their spending and manufacturing activity is growing at its fastest pace in more than five years. Economists are increasingly confident that the nation will avoid a “double-dip” recession, in which growth slows after a short burst at the end of last year.Click here for reuse options!
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