The new jobs report came out and although it didn’t meet market expectations, it still is mostly good news.
- Private employers added 123,000 jobs, the most since May 2007.
- The unemployment rating didn’t change because:
“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.”
More Americans entered the work force last month, which prevented the increase in jobs from reducing the unemployment rate.
In other words, a number of unemployed workers who had given up looking for work… started looking for work again.
- Manufacturers added 17,000 jobs, the third straight month of gains. Temporary help services added 40,000, while health care added 37,000. Leisure and hospitality added 22,000.
- The department also revised January’s job total to show a gain of 14,000, up from a previously reported loss of 26,000. February’s job numbers were also revised higher by 22,000 to show a loss of 14,000. The economy has now added jobs in three months since the recession began.
So, we’ve gotten revised data show a stronger than previously reported job market for the first two months of the year.? Earlier this week, reports indicated that consumer spending has increased and manufacturing is growing at the fastest pace in five years.? While economists are still predicting that we won’t see much movement in the unemployment rate, they are increasingly more confident we will avoid a “double dip” recession.