Source: www.pbs.org - Friday, April 03, 2015
You know that feeling when you can sense spring coming, and then you get walloped with another freeze? That’s March’s jobs report. For months, economists have been celebrating a healthy rise in payrolls. But on Friday, the Bureau of Labor Statistics announced that the economy added only 126,000 jobs — the lowest number since December 2013. The unemployment rate, which comes from a separate survey, remained unchanged at 5.5 percent. Not only did March’s payroll gains fall well short of the average 269,000 jobs added per month over the past year, but January and February’s impressive gains were revised downward by a collective 69,000 jobs. The civilian labor force shrank by 91,000, while the population grew by its typical 180,000. The labor force participation rate dipped a tenth of a percent to 62.7 percent. Besides the fact that over 100,000 fewer people were unemployed, the contracting labor force could be one reason that the unemployment rate held at 5.5 percent. Our “Solman Scale U7,” which adds to the officially unemployed part-timers looking for full-time work and “discouraged” workers, fell to another all-time low since Making Sen$e began calculating it in 2011: 13.21 percent of the population was un- or underemployed in March. Economists are always wary of making too much of one jobs report given the volatility of month-to-month data. But unlike meteorologists waiting for spring, economists don’t have a calendar of seasons
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You know that feeling when you can sense spring coming, and then you get walloped with another freeze? That’s March’s jobs report. For months, economists have been celebrating a healthy rise in payrolls. But on Friday, the Bureau of Labor Statistics announced that the economy added only 126,000 jobs — the lowest number since December 2013. The unemployment rate, which comes from a separate survey, remained unchanged at 5.5 percent. Not only did March’s payroll gains fall well short of the average 269,000 jobs added per month over the past year, but January and February’s impressive gains were revised downward by a collective 69,000 jobs. The civilian labor force shrank by 91,000, while the population grew by its typical 180,000. The labor force participation rate dipped a tenth of a percent to 62.7 percent. Besides the fact that over 100,000 fewer people were unemployed, the contracting labor force could be one reason that the unemployment rate held at 5.5 percent. Our “Solman Scale U7,” which adds to the officially unemployed part-timers looking for full-time work and “discouraged” workers, fell to another all-time low since Making Sen$e began calculating it in 2011: 13.21 percent of the population was un- or underemployed in March. Economists are always wary of making too much of one jobs report given the volatility of month-to-month data. But unlike meteorologists waiting for spring, economists don’t have a calendar of seasons
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