Economy Local USA

Job creation slowed in the U.S

WASHINGTON (Reuters) – The number of jobs created was far lower than expected in March, US unemployment dropped unexpectedly to 8.2 percent in March, the lowest rate in more than three years.

The number of jobs created was 120,000 in March, reported the Labor Department on Friday, the lowest since October 2011.

Economists polled by Reuters expected a number of 203,000 and an unchanged unemployment rate of 8.3%.

The index futures on Wall Street fell sharply in reaction to this statistic, as the dollar against the euro and the yen, while the bond market has erased its losses and has trended upward.

The slower employment growth likely reflects an attenuation of the stimulus that had resulted from an unusually mild winter. Job creation in January and February were revised and show just 4,000 new jobs more than the first estimate.

The decline in the unemployment rate attests it a contraction of the activated population. The survey made from separate households, from which is calculated the unemployment rate, also shows a decline in employment.

The slow recovery of the difficult job market is a concern for Fed Chairman Ben Bernanke, who leaves the possibility to intervene again to stimulate the economy if unemployment continues to remain too high.

However, members of the Monetary Policy Committee of the Federal Reserve have suggested that the need for new measures to support the American economy became less sense given the improving economic conditions in the United States, according to the account Minutes of the March meeting of the Fed released this week.

The private sector welcomed 121,000 new jobs in March, while the public sector lost 1,000.

The industry has experienced one month of new dynamic in employment, 37,000 were created especially for the performance of the car after 31,000 in February.

However, construction lost 7,000 jobs, while in services, employment rose in health care. The interim has lost 7,500 jobs, after rising 54,900 in February.

Despite the low number of jobs created, a bad point for President Barack Obama in the context of the November elections, the average hourly earnings rose five cents per month, while the workweek dropped to 34, 5:00 against 34.6 hours in February.

 

 

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