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Unemployment falls to two-year low
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Apr 01, 2011 09:43am |
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| Category | News |
| Author | ZACHARY ABRAHAMSON |
| News Date | Friday, April 1, 2011 03:00:00 PM UTC0:0 |
| Description | The nation’s unemployment rate fell to 8.8 percent in March, from 8.9 percent in February, the Bureau of Labor Statistics announced Friday.
The gains tracked with the optimistic expectations of Wall Street analysts, who had predicted an expansion of 180,000 to 200,000 jobs.
Total nonfarm payrolls rose 216,000 last month, driven by private-sector growth of 230,000 jobs. Services, which includes health care, hospitality and finance, added 199,000 jobs.
The unemployment rate has declined a full percentage point since November 2010, helping to shape a narrative of an economy in recovery. But the year’s first quarter has added uncertainty to that picture — an earthquake and nuclear crisis in Japan has threatened automotive and electronics industry supply chains and continued unrest in the Middle East has driven a spike in oil prices.
The employment impacts of those forces remain uncertain — employment movement lags shifts in demand because employers ask staff to work overtime, or fewer hours before making layoffs or new hires. |
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