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U.S. employers add 192K jobs; jobless rate unchanged

Associated Press
April 4, 2014
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U.S. employers added jobs at a solid pace in March, and hired more workers in January and February than previously thought. Friday's government report sent a reassuring signal that the economy withstood a harsh winter that had slowed growth.

The economy gained 192,000 jobs in March, the Labor Department said Friday, slightly below February's revised total of 197,000. Employers added a combined 37,000 more jobs in February and January than previously estimated.

The unemployment rate was unchanged at 6.7 percent. But a half-million Americans started looking for work last month, and most of them found jobs. The increase in job-seekers is a sign that they were more optimistic about their prospects.

"This employment report should help put to rest fears that the economy was stalling as we entered the new year," tweeted Justin Wolfers, an economics professor at the University of Michigan.

March's job gain nearly matches last year's average monthly total, suggesting that the job market has mostly recovered from the previous months' severe winter weather.

And the March report also includes one milestone: More than six years after the Great Recession began, private employers have finally regained all the jobs lost to the recession. The employers shed 8.8 million jobs in the downturn; they've since hired 8.9 million. Still, the population has grown over that time, leaving the unemployment rate elevated.

Freezing temperatures and heavy snowstorms this winter closed factories, slowed home sales and kept consumers away from shopping malls. Hiring averaged 178,000 in the first three months of this year, down from 198,000 a month in the final three months of 2013.

Still, many economists expect hiring to average about 200,000 jobs a month for the rest of the year. Hiring at that pace should lower the unemployment rate and support steady growth.

Americans worked an average of 34.5 hours last month, up from 34.3 in February, which was held back by the severe weather. The increase, though small, means many Americans received larger weekly paychecks.

Yet average hourly pay slipped a penny, to $24.30, after a big 10-cent gain in February. That was a disappointment for many economists, who thought February's sharp increase might mark the start of a trend. Average hourly wages have risen 2.1 percent in the past year. Inflation has risen 1.1 percent in that time.

The "labor force participation rate" edged up to 63.2 percent in March from 63 percent in the previous two months and 62.8 percent in December. The rate is still well below the 66.4-percent level it hit in 2006 before the recession.

Other recent economic data suggests that the economy is picking up from the winter freeze.

Auto sales jumped 6 percent last month to 1.5 million, the most since November. That was a sign that Americans remain willing to spend on big purchases.

And surveys by the Institute for Supply Management, a group of purchasing managers, showed that both manufacturing and service companies expanded at a faster pace in March. Factories cranked out more goods and received slightly more orders, a good sign for future production. Service companies also received more orders.

Home sales and construction, however, have been weak in recent months. Sales of existing homes have fallen in six out of the past seven months. Cold weather has likely caused some of the decline. But higher mortgage rates, rising prices and a limited supply of available homes have also held back sales.

Many economists think growth slowed to a 1.5-percent to 2-percent annual rate in the January-March quarter, down from a 2.6-percent pace in last year's fourth quarter. But most also forecast that steady hiring and less drag from government spending cuts should lift growth to nearly a 3-percent annual pace for the rest of the year.

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  • ACA Killing Jobs
    Good lord, with the ACA stymying all the job-creators our economy... wha? Oh. Nevermind.

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  1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

  2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

  3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

  4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

  5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

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