US Job growth increases by 196,000, promising a good future
The U.S. economy is adding more jobs for the present. Employers included 196,000 fresh positions in March, as per the report of the Labor Department.
Also, there was an increase in Average hourly earnings by 3.2 percent. Moreover, the unemployment rate was standing at 3.8 percent. This report proves that the labor market is healthy, and the present payrolls reveal the economists can expect a broad optimistic trend. The February jobs report was an anomaly, resulting from the government shutdown. After the March report, the average three-month job creation was 180,000. The report arrives when the U.S. central bank was holding the meeting to set the March rate and officials voted for keeping the interest rates unchanged. Moreover, the trend in job creation shows that the economy has a tendency to expand, which is a good sign for consumer spending. Additionally, inflation will not take off, and the Fed can be patient.
Health care provides job growth
A major contributor to Job growth during March was the healthcare sector, by adding 49,000 new positions. The share of professional and technical services sector was 34,000 positions. Leisure and hospitality had a share of 33,000 new workers, and the food services had 27,300. The construction sector had a recovery by adding 16,000 new positions in March.
Additionally, there was a Decline in retail trade, manufacturing and also in durable goods. There was a contraction in Factory employment by 6,000 positions.
These developments point to a sign of the continuing trade tension, between the U.S. and China, as well as a sluggish growth abroad. Manufacturers have adopted an observing mode regarding the China trade deal and there is an Uncertainty resulting in a pause to make decisions.
The monthly report Labor Department is a measure of the job market, which inspires confidence. There is a momentum also.
In March the jobs report shows a growth that is above 3 percent. The general trend is an acceleration in wage growth and it is continuing. The population is aging and the baby boomer generation is retiring. Employers will also increase wages for attracting the people to fill up the existing and new positions. The participation rate is 63 percent. In the future, businesses will opt for hiring. This scenario provides a good opportunity for consumers to take advantage that was not available before.
The people can feel comfortable that the downturn in the future will not be as severe as seen in the past. There is hope and this will grow with the passage of time.
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