Dave Rice 3:30 p.m., May 29
Shocker: nation adds only 88,000 jobs in March
Participation rate drops. Maybe economy not bouncing back as predicted
The U.S. economy added only 88,000 jobs in March, according to the monthly Labor Department report issued this morning (April 5). That's down from an upwardly revised 268,000 in February. Economists had expected 190,000 in March. The 88,000 is the fewest in ten months, as once again, government jobs declined. The unemployment rate dropped to 7.6% from 7.7% in February, but that was mainly because fewer people are in the labor force. The participation rate, which measures how many healthy people of working age have a job, fell to 63.3%, the lowest since 1979, when women were less likely to be employed.
According to the New York Times, the National Employment Law Project, a liberal group, calculated that the majority of jobs lost during the weak economic period have been middle-range jobs, while the majority of jobs gained have been low-paying ones.
Later, there will be a report on how young adults did job-wise in March. They have been doing worse than the general population.
The bottom line is that the economic rebound many economists have been talking may not be as strong as touted.
More like this:
- June Jobs Growth Anemic — July 6, 2012
- Jobs Growth Sharply Lower Than Expectations — April 6, 2012
- U.S. Adds 227,000 Jobs in February; Unemployment at 8.3% — March 9, 2012
- U.S. Adds 243,000 Jobs, Unemployment Drops to 8.3% — Feb. 3, 2012
- Unemployment Rate Falls; Job Growth Disappointing — Dec. 2, 2011