March Job Growth Strongest in 4 Years
- Thread starter CADsortaGUY
- Start date
Originally posted by: CADkindaGUY
Non-farm payrolls climbed 308,000 in March, the Labor Department said, the biggest gain since April 2000 and well above the 103,000 rise expected on Wall Street.
Well, dave - heres those "jobs"
CkG
From same reports:
For the first time in 44 months, the nation's factories did not shed jobs. But they weren't hiring either. March's figures show zero gains and losses for industries hammered by the economic downturn that began three years ago. The only sector losing jobs last month was information services, where companies cut about 1,000 jobs.
The civilian unemployment rate, however, ticked up 0.1 percentage point from 5.6 percent in February.
That occurred because more job seekers renewed their searches last month, but were unsuccessful.
------------------------------------------------------------------------------------------------------
That's because according to you & Co, these millions of Americans are slacker and losers.
Originally posted by: dmcowen674
Originally posted by: CADkindaGUY
Non-farm payrolls climbed 308,000 in March, the Labor Department said, the biggest gain since April 2000 and well above the 103,000 rise expected on Wall Street.
Well, dave - heres those "jobs"
CkG
From same reports:
For the first time in 44 months, the nation's factories did not shed jobs. But they weren't hiring either. March's figures show zero gains and losses for industries hammered by the economic downturn that began three years ago. The only sector losing jobs last month was information services, where companies cut about 1,000 jobs.
The civilian unemployment rate, however, ticked up 0.1 percentage point from 5.6 percent in February.
That occurred because more job seekers renewed their searches last month, but were unsuccessful.
------------------------------------------------------------------------------------------------------
That's because according to you & Co, these millions of Americans are slacker and losers.
Hey dave - I thought you looked at "direction"
Wouldn't going from a decline to "stable" be a "good" thing? Thanks again for pointing out the great employment news and "direction" CkG
Originally posted by: CADkindaGUY
Originally posted by: dmcowen674
Originally posted by: CADkindaGUY
Non-farm payrolls climbed 308,000 in March, the Labor Department said, the biggest gain since April 2000 and well above the 103,000 rise expected on Wall Street.
Well, dave - heres those "jobs"
CkG
From same reports:
For the first time in 44 months, the nation's factories did not shed jobs. But they weren't hiring either. March's figures show zero gains and losses for industries hammered by the economic downturn that began three years ago. The only sector losing jobs last month was information services, where companies cut about 1,000 jobs.
The civilian unemployment rate, however, ticked up 0.1 percentage point from 5.6 percent in February.
That occurred because more job seekers renewed their searches last month, but were unsuccessful.
------------------------------------------------------------------------------------------------------
That's because according to you & Co, these millions of Americans are slacker and losers.
Hey dave - I thought you looked at "direction"
CkG
Yes, I reported yesterday that it looks like we have leveled off at the "Bottom", hopefully.
Yet, we still had announcement like 2,500 Gateway employees losing theor jobs yesterday.
I'll post this here too so dave can't spread more FUD.
***********
linky
THE EMPLOYMENT SITUATION: MARCH 2004
Nonfarm payroll employment increased by 308,000 in March, and the
unemployment rate was about unchanged at 5.7 percent, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Payroll job growth
was fairly widespread, as construction employment rose sharply and several
major service-providing industries also added jobs.
Unemployment (Household Survey Data)
The unemployment rate, 5.7 percent, and the number of unemployed persons,
8.4 million, were essentially unchanged in March. Both measures remained
below their recent highs of June 2003. Unemployment rates for the major
worker groups--adult men (5.2 percent), adult women (5.1 percent), teenagers
(16.5 percent), whites (5.1 percent), blacks (10.2 percent), and Hispanics or
Latinos (7.4 percent)--showed little or no change over the month. The unem-
ployment rate for Asians was 4.2 percent in March, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)
Total Employment and the Labor Force (Household Survey Data)
Total employment in March held at 138.3 million, and the employment-popula-
tion ratio--the proportion of the population age 16 and over with jobs--was
essentially unchanged at 62.1 percent. The civilian labor force was about
unchanged over the month at 146.7 million, and the labor force participation
rate remained at 65.9 percent. (See table A-1.)
In March, the number of persons who worked part time for economic reasons
increased to 4.7 million, about the same level as in January. These indivi-
duals indicated that they would like to work full time but were working part
time because their hours had been cut back or because they were unable to
find full-time jobs. (See table A-5.)
Persons Not in the Labor Force (Household Survey Data)
The number of persons who were marginally attached to the labor force
totaled 1.6 million in March, about the same as a year earlier. (Data are not
seasonally adjusted.) These individuals wanted and were available to work and
had looked for a job sometime in the prior 12 months. They were not counted
as unemployed, however, because they did not actively search for work in the
4 weeks preceding the survey. There were 514,000 discouraged workers in March,
also about the same as a year earlier. Discouraged workers, a subset of the
marginally attached, were not currently looking for work specifically because
they believed no jobs were available for them. The other 1.1 million margin-
ally attached had not searched for work for reasons such as school or family
responsibilities. (See table A-13.)
Industry Payroll Employment (Establishment Survey Data)
Total nonfarm payroll employment rose by 308,000 in March to 130.5 million,
seasonally adjusted. The over-the-month increase in employment included gains
in construction, retail trade, and health care and social assistance. The
number of factory jobs was unchanged in March. Since August 2003, payroll
employment has risen by 759,000. (See table B-1.)
- 2 -
Table A. Major indicators of labor market activity, seasonally adjusted
(Numbers in thousands)
{chart removed}
1 Beginning in January 2004, household data reflect revised population
controls used in the Current Population Survey.
2 Includes other industries, not shown separately.
3 Data relate to private production or nonsupervisory workers.
p=preliminary.
- 3 -
Construction employment increased by 71,000 in March, following a decline
in February. This industry has added 201,000 jobs over the past year. Most
of the March employment gain occurred among specialty trade contractors.
Retail trade added 47,000 jobs in March. This sector has added 132,000
jobs since December, after posting a net job loss in 2003. Within retail
trade, employment in food stores increased by 13,000 over the month, reflect-
ing the net impact of workers returning from a strike. Wholesale trade em-
ployment edged up over the month. Since October, the industry has added
39,000 jobs.
Employment in health care and social assistance rose by 36,000 in March.
Over the year, this industry has gained 255,000 jobs. In March, employment
increased in hospitals (12,000), offices of physicians (9,000), and nursing
and residential care facilities (7,000).
In the financial sector, employment in credit intermediation and related
activities grew by 11,000 in March. Following declines in the last quarter
of 2003, employment in credit intermediation expanded in the first quarter,
reflecting a rise in mortgage refinancing activity. Prior to the fourth
quarter of 2003, the industry had been adding jobs for about 3 years.
Professional and business services added 42,000 jobs in March. Small em-
ployment increases occurred in several of the component industries, including
architectural and engineering services, computer systems design, and manage-
ment consulting. Elsewhere in professional and business services, employment
in temporary help services was about unchanged over the month. Since April
2003, however, the industry has added 212,000 jobs.
Within the leisure and hospitality sector, employment in food services and
drinking places increased by 27,000 over the month and by 186,000 over the
year.
Manufacturing employment was unchanged in March at 14.3 million. Declines
in manufacturing employment began moderating late last summer. Employment in
both durable and nondurable goods manufacturing was little changed in March.
Employment in a number of other industries edged up in March, including
transportation and warehousing (13,000), utilities (2,000), and government
(31,000). Within government, the March job gain was concentrated in state
and local education.
Weekly Hours (Establishment Survey Data)
The average workweek for production or nonsupervisory workers on private
nonfarm payrolls decreased by 0.1 hour in March to 33.7 hours, seasonally
adjusted. The manufacturing workweek also declined by 0.1 hour to 40.9 hours.
Manufacturing overtime was unchanged at 4.6 hours over the month.
(See table B-2.)
The index of aggregate weekly hours of production or nonsupervisory workers
on private nonfarm payrolls fell by 0.1 percent in March to 99.0 (2002=100).
The manufacturing index was down by 0.3 percent over the month to 94.1. (See
table B-5.)
Hourly and Weekly Earnings (Establishment Survey Data)
Average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls increased by 2 cents in March to $15.54, seasonally adjusted.
Average weekly earnings fell by 0.2 percent over the month to $523.70. Over
the year, average hourly earnings grew by 1.8 percent, and average weekly earn-
ings increased by 1.5 percent. (See table B-3.)
*********************
CkG
***********
linky
THE EMPLOYMENT SITUATION: MARCH 2004
Nonfarm payroll employment increased by 308,000 in March, and the
unemployment rate was about unchanged at 5.7 percent, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Payroll job growth
was fairly widespread, as construction employment rose sharply and several
major service-providing industries also added jobs.
Unemployment (Household Survey Data)
The unemployment rate, 5.7 percent, and the number of unemployed persons,
8.4 million, were essentially unchanged in March. Both measures remained
below their recent highs of June 2003. Unemployment rates for the major
worker groups--adult men (5.2 percent), adult women (5.1 percent), teenagers
(16.5 percent), whites (5.1 percent), blacks (10.2 percent), and Hispanics or
Latinos (7.4 percent)--showed little or no change over the month. The unem-
ployment rate for Asians was 4.2 percent in March, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)
Total Employment and the Labor Force (Household Survey Data)
Total employment in March held at 138.3 million, and the employment-popula-
tion ratio--the proportion of the population age 16 and over with jobs--was
essentially unchanged at 62.1 percent. The civilian labor force was about
unchanged over the month at 146.7 million, and the labor force participation
rate remained at 65.9 percent. (See table A-1.)
In March, the number of persons who worked part time for economic reasons
increased to 4.7 million, about the same level as in January. These indivi-
duals indicated that they would like to work full time but were working part
time because their hours had been cut back or because they were unable to
find full-time jobs. (See table A-5.)
Persons Not in the Labor Force (Household Survey Data)
The number of persons who were marginally attached to the labor force
totaled 1.6 million in March, about the same as a year earlier. (Data are not
seasonally adjusted.) These individuals wanted and were available to work and
had looked for a job sometime in the prior 12 months. They were not counted
as unemployed, however, because they did not actively search for work in the
4 weeks preceding the survey. There were 514,000 discouraged workers in March,
also about the same as a year earlier. Discouraged workers, a subset of the
marginally attached, were not currently looking for work specifically because
they believed no jobs were available for them. The other 1.1 million margin-
ally attached had not searched for work for reasons such as school or family
responsibilities. (See table A-13.)
Industry Payroll Employment (Establishment Survey Data)
Total nonfarm payroll employment rose by 308,000 in March to 130.5 million,
seasonally adjusted. The over-the-month increase in employment included gains
in construction, retail trade, and health care and social assistance. The
number of factory jobs was unchanged in March. Since August 2003, payroll
employment has risen by 759,000. (See table B-1.)
- 2 -
Table A. Major indicators of labor market activity, seasonally adjusted
(Numbers in thousands)
{chart removed}
1 Beginning in January 2004, household data reflect revised population
controls used in the Current Population Survey.
2 Includes other industries, not shown separately.
3 Data relate to private production or nonsupervisory workers.
p=preliminary.
- 3 -
Construction employment increased by 71,000 in March, following a decline
in February. This industry has added 201,000 jobs over the past year. Most
of the March employment gain occurred among specialty trade contractors.
Retail trade added 47,000 jobs in March. This sector has added 132,000
jobs since December, after posting a net job loss in 2003. Within retail
trade, employment in food stores increased by 13,000 over the month, reflect-
ing the net impact of workers returning from a strike. Wholesale trade em-
ployment edged up over the month. Since October, the industry has added
39,000 jobs.
Employment in health care and social assistance rose by 36,000 in March.
Over the year, this industry has gained 255,000 jobs. In March, employment
increased in hospitals (12,000), offices of physicians (9,000), and nursing
and residential care facilities (7,000).
In the financial sector, employment in credit intermediation and related
activities grew by 11,000 in March. Following declines in the last quarter
of 2003, employment in credit intermediation expanded in the first quarter,
reflecting a rise in mortgage refinancing activity. Prior to the fourth
quarter of 2003, the industry had been adding jobs for about 3 years.
Professional and business services added 42,000 jobs in March. Small em-
ployment increases occurred in several of the component industries, including
architectural and engineering services, computer systems design, and manage-
ment consulting. Elsewhere in professional and business services, employment
in temporary help services was about unchanged over the month. Since April
2003, however, the industry has added 212,000 jobs.
Within the leisure and hospitality sector, employment in food services and
drinking places increased by 27,000 over the month and by 186,000 over the
year.
Manufacturing employment was unchanged in March at 14.3 million. Declines
in manufacturing employment began moderating late last summer. Employment in
both durable and nondurable goods manufacturing was little changed in March.
Employment in a number of other industries edged up in March, including
transportation and warehousing (13,000), utilities (2,000), and government
(31,000). Within government, the March job gain was concentrated in state
and local education.
Weekly Hours (Establishment Survey Data)
The average workweek for production or nonsupervisory workers on private
nonfarm payrolls decreased by 0.1 hour in March to 33.7 hours, seasonally
adjusted. The manufacturing workweek also declined by 0.1 hour to 40.9 hours.
Manufacturing overtime was unchanged at 4.6 hours over the month.
(See table B-2.)
The index of aggregate weekly hours of production or nonsupervisory workers
on private nonfarm payrolls fell by 0.1 percent in March to 99.0 (2002=100).
The manufacturing index was down by 0.3 percent over the month to 94.1. (See
table B-5.)
Hourly and Weekly Earnings (Establishment Survey Data)
Average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls increased by 2 cents in March to $15.54, seasonally adjusted.
Average weekly earnings fell by 0.2 percent over the month to $523.70. Over
the year, average hourly earnings grew by 1.8 percent, and average weekly earn-
ings increased by 1.5 percent. (See table B-3.)
*********************
CkG
"The world's largest economy churned out jobs at the fastest rate since April 2000, soaring beyond private forecasts for a net gain of 125,000
Analysts say the world's biggest economy must generate at least 200,000 jobs every month to make a real dent on the growing workforce."
------------------------------------------------------------------------
When we have real positive direction see me.
You tell me folks, a guy with a book long bunch of numbers or one line that tells it all, who is selling a bill of goods?
Analysts say the world's biggest economy must generate at least 200,000 jobs every month to make a real dent on the growing workforce."
------------------------------------------------------------------------
When we have real positive direction see me.
You tell me folks, a guy with a book long bunch of numbers or one line that tells it all, who is selling a bill of goods?
Oh, and here is another little tidbit for dave
Revisions to payrolls showed a stronger jobs market than previously thought. Companies added 205,000 jobs in January and February, instead of the 118,000 reported last month.
...but but but...
/me waits for excuses
CkG
Revisions to payrolls showed a stronger jobs market than previously thought. Companies added 205,000 jobs in January and February, instead of the 118,000 reported last month.
...but but but...
/me waits for excuses
CkG
Despite Dave's sour puss, this is definitely good news for the millions of Americans out of work and the many millions more that are worried about losing their jobs. Yet it would take CAD-like rose-colored vision not to realize the difference between Bush's bad three years and one good month.
The political hacks are already preparing their propaganda . . . somehow this solitary month's report will become the most important economic news since Clinton's recession ended two years ago.
The political hacks are already preparing their propaganda . . . somehow this solitary month's report will become the most important economic news since Clinton's recession ended two years ago.
It's too early to know if those numbers are correct. Wait until they are adjusted next month.
-Robert
-Robert
Originally posted by: chess9
It's too early to know if those numbers are correct. Wait until they are adjusted next month.
-Robert
You mean like January and Febuary numbers were adjusted....higher?
Bah - anyway this is most definately GREAT news but we need more than just this. Ofcourse next month when only 210K jobs are created dave will say the "direction" is bad
Oh well - bleat on....
CkG
You mean like the left has been trying to do for months? Spinning every positive into a negative or blowing it off as "jobless"? Hmm...yeah. One needs to look at both sides when you talk about "preparing their propaganda"....but you already knew that - no?
CkG
Michael
Elite member
- Nov 19, 1999
- 5,435
- 234
- 106
I went to a GE event earlier this week (Jeff Immelt was the speaker and I got to ask him a question and then talk to him later for a few minutes). He was very positive about the economic forecast for this week. He also made some interesting points on the global economy and outsourcing.
I talk to lots of C level leaders at other companies as part of my job and go and present at investment conferences. The companies I talk to are all slowly opening the hiring floodgates. The recruiting firms I talk to think that Q2 and Q3 will be huge for them as the backlog of people looking for jobs was pretty much cleared out in Q1.
Over the last few years, the local chapter of the FEI (Financial Executives International), the unemployment rate was over 20%. Based on the last two events I went to, the growth in pre-IPO firms and changes in other companies has lowered that down close to 10% and it is getting better. I received 5 calls over the past few weeks for CFO level jobs, so I'm hopeful that the dam has broken.
The American economy is always destroying jobs (Gateway has been crushed by Dell and their own mistakes, for example, and most of the jobs being lost there are lower-paying retail jobs). I personally think that we've exited the stage where we had way too much capacity and little need for hiring and entered an expansion phase.
Michael
I talk to lots of C level leaders at other companies as part of my job and go and present at investment conferences. The companies I talk to are all slowly opening the hiring floodgates. The recruiting firms I talk to think that Q2 and Q3 will be huge for them as the backlog of people looking for jobs was pretty much cleared out in Q1.
Over the last few years, the local chapter of the FEI (Financial Executives International), the unemployment rate was over 20%. Based on the last two events I went to, the growth in pre-IPO firms and changes in other companies has lowered that down close to 10% and it is getting better. I received 5 calls over the past few weeks for CFO level jobs, so I'm hopeful that the dam has broken.
The American economy is always destroying jobs (Gateway has been crushed by Dell and their own mistakes, for example, and most of the jobs being lost there are lower-paying retail jobs). I personally think that we've exited the stage where we had way too much capacity and little need for hiring and entered an expansion phase.
Michael
Construction jobs accounted for 71,000 jobs. That's no surprise given it's the season for construction to start picking up.
Retail trade accounted for a net 47,000 more, 40,000 coming from food and beverage stores (iow, fast food - part-time jobs) and 36,000 from "Building material and garden supply stores". Again, more part-time jobs or low-paying full-time jobs and that's no surprise as it coincides with spring (people working their gardens and construction picking up).
Retail trade accounted for a net 47,000 more, 40,000 coming from food and beverage stores (iow, fast food - part-time jobs) and 36,000 from "Building material and garden supply stores". Again, more part-time jobs or low-paying full-time jobs and that's no surprise as it coincides with spring (people working their gardens and construction picking up).
Best darned post in P&N yet, thank you Michael
"The companies I talk to are all slowly opening the hiring floodgates."
So, will they "open the floodgates" the next few months to assure their Fearless Liar gets re-elected and then just lay off the whole bunch they just hired right after the election?
Yeah, I've also hear some companies are beginning to actually hire the people they had as "consultants"(ie contractors). I know of atleast two such instances here locally where the companies hired every single one of their full-time "contractors" because things are going quite well. Sure, those two are anecdotal but I know the story isn't much different in other areas of the country. Things are looking up yet some just can't stomach the idea of "good news" and try to make excuses. Oh well - it's a good thing there are tons of optimistic people like me who have their chin up and looking forward instead of wallowing in some convoluted self-loathing.
CkG
Yes, a friend of mine was just hired by a Company that he was "Consulting" them for the last 2 years. He was just about to sell everything he owned.
No excuse, just what in the hell took so long???
Well not exactly. The reason why the March report is so extraordinary is that three plus years of Bush have been poo for the typical working American. The net negative 2 million jobs of the Bush administration isn't liberal spin . . . it's reality. Granted, the productivity gains, corporate profitability, low interest rates, high home ownership, low mortgage rates, etc are all good . . . but virtually none of it has anything to do with Bush policy. Yet he takes credit at every stump speech.
So yes it is wrong from Democrats to bash Bush over the head for everything that goes wrong in America (or the world) but it's pure BS when he takes credit for many of things that are going right.
Despite coming from separate surveys, the jobs report and unemployment rate are both important. Yet every tick down is called a triumph of Bush fiscal policy and every tick up is ignored. By the same token, even as a businessman Bush did not create a single net job (since most of his companies went under) but it's not right to blame the jobless recovery on him. He's done nothing significant to improve the situation but he didn't cause it to happen either.
Michael
Elite member
- Nov 19, 1999
- 5,435
- 234
- 106
>>>"Best darned post in P&N yet, thank you Michael
"The companies I talk to are all slowly opening the hiring floodgates."
So, will they "open the floodgates" the next few months to assure their Fearless Liar gets re-elected and then just lay off the whole bunch they just hired right after the election?"<<<
Dave - I hate to interject reality into your world, but most busines speople I meet are split about 50/50 in terms of supporting or disliking Bush. Not too far off the national numbers. There would be an equal chance that they're holding off an hiring just to make sure he isn't reelected. Besides, much of our bonuses are decided by the profits we make? Why hire and fire (which is really expensive) and keep us from earning our incentive pay? I thought we were evil and greedy?
The truth is that demand has picked up, not only in the USA, but all over the world. That means that companies need to produce more which is driving hiring.
I haven't posted mch in P&N because I got tired of the dribble like you posted in response to my post. I haven't missed posting. In this case I thought I'd share a little data on an area that I happne to know well.
Michael
"The companies I talk to are all slowly opening the hiring floodgates."
So, will they "open the floodgates" the next few months to assure their Fearless Liar gets re-elected and then just lay off the whole bunch they just hired right after the election?"<<<
Dave - I hate to interject reality into your world, but most busines speople I meet are split about 50/50 in terms of supporting or disliking Bush. Not too far off the national numbers. There would be an equal chance that they're holding off an hiring just to make sure he isn't reelected. Besides, much of our bonuses are decided by the profits we make? Why hire and fire (which is really expensive) and keep us from earning our incentive pay? I thought we were evil and greedy?
The truth is that demand has picked up, not only in the USA, but all over the world. That means that companies need to produce more which is driving hiring.
I haven't posted mch in P&N because I got tired of the dribble like you posted in response to my post. I haven't missed posting. In this case I thought I'd share a little data on an area that I happne to know well.
Michael
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