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Friday, April 02, 2004
Months of subpar job reports led to lowered economist expectations for the March employment figures. Imagine their surprise when they were told that 308,000 jobs were added to U.S. payrolls for the most recent month. The trend has always been that business hiring takes time to catch up in an economic recovery. 2004 is proving to be no exception. Some of the job gains can be attributed to the resolution of the California grocery strike, but only around 13,000. So, discounting the grocery strike, 295,000 jobs were added. Is this a trend? Only time will tell.
ADDENDUM: More numbers:
For the first time in 44 months, the nation's factories didn't lose jobs. Manufacturing payrolls, which have shed jobs since the summer of 2000, held steady last month.
The service-producing industry added 230,000 jobs, more than at any time in the last year. That included 47,000 more retail-trade jobs, partly reflecting the return to work of grocery-store employees, who had been on strike in California. The professional-and-business-services industry added 42,000 jobs, the biggest increase in three months.
Construction payrolls grew by 71,000, more than reversing a 21,000 decline in February. Government jobs increased by 31,000, twice as many as in February.
Courtesy of the Wall Street Journal.Labels: Archives_2004
.: posted by
Dave
9:54 AM
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