Labor Report: Springtime hiring burst
Labor Report: Springtime hiring burst
Abridged: Bureau of Labor Statistics
Employers added 211,000 jobs in a springtime hiring burst that benefited almost all sectors of the economy and lowered the national unemployment rate to 4.7 percent. The latest snapshot, released by the Labor Department, suggested that an accelerating economic expansion is putting companies in the hiring mood, brightening prospects for job seekers.
Hiring gains were fairly widespread. Construction, retailers, financial activities, education and health care, and government were among the sectors posting payroll gains. The unemployment rate, which dropped from February's 4.8 percent, ended up matching January's jobless rate, which was the lowest in 4 1/2 years. "Businesses are regaining confidence to the point where they are now actively hiring new workers," said Lynn Reaser, chief economist at Bank of America's Investment
With the economy growing smartly and the job market flowering, the Federal Reserve and other economists are keeping a close eye on wage growth. Analysts believe the economy emerged from an end-of-year funk and grew at an annual rate of 4.5 percent or higher in the just ended January-to-March quarter. The economy is expected to moderate in the current April-to-June quarter but still turn in a good performance.
posted by Victor Lloyd Smith @ 6:05 PM
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