U.S. employers cut sharply back on hiring in March, yet the jobs report needs to be encouraged about, including a drop to 4.5 percent in the unemployment rate, the lowest in a decade.
The Labor Department said, ‘Employers added just 98,000 jobs’, and it was hardly half the gain of the previous month.
Now, adding to it, unemployment dropped from 4.7 percent, reaching to its lowest point since May 2007. Though the rate fell in the past owing to unemployed workers who gave up looking, this time it is because of a healthy gain with people in jobs.
Here are the positive aspects, followed by some parts that were not hot:
JOB GROWTH OK
In the past three months, employers have added around 178,000 jobs a month. It shows an increase than March’s and is closer to the underlying trend, said economists. However, that is below the average gains of last year that had 187,000 jobs a month. Economists say, ‘Hiring should come closer in the coming months to that level of last year’.
HIT FROM WEATHER
One vital reason last month’s weak gain was probably the harsh winter weather in New England and the Midwest that hurt hiring in construction, retail and other weather-sensitive industries. Besides, the construction companies reported in January and February huge job gains, when the weather was warm, that they did not need to engage in their usual spring hiring.
Lower-paying fields, such as cut jobs or retail, including the restaurants and hotels had a small gain. With all new jobs added, the Americans working part time would require a full time job.