MARCH 2012 EMPLOYMENT RESULTS
By: Hope Wilkos, Writer/Blogger Photographer: George Whylie Videographer: Maxine NolanEmployment results are now out for the month of March. Each month that we present the results, we seem to be going in a more positive direction.
Based on data from the Bureau of Labor Statistics, employer payrolls increased by 121,000 jobs in March. Employment remained unchanged but unemployment has been reduced to 8.2%
The housing bubble situation created a domino effect and perhaps the sector that has been affected the hardest is construction. Unemployment for construction workers stands at 17.2% which is almost double the national average. The nation’s infrastructure is greatly in need of modernization and the President’s budget proposal targeting the improvement of the infrastructure system will put the economy back on track.
Despite all this, 4.1 million private sector jobs have been added for the past 25 months. The area that saw the strongest growth was manufacturing with the addition of 466,000 manufacturing jobs in 25 months and 37,000 jobs in March. This area may receive a boost the proposed tax incentives, enhanced training and measures to create manufacturing hubs.
The Leisure and Hospitality industry grew by 39,000 jobs, professional and business services by 31,000 jobs and financial activities by 15,000. Industries still suffering are retail trade (loss of 33,800 jobs), construction (loss of 7,000 jobs) and government (loss of 1,000 jobs). Temporary help services health care and day care services have experienced slower growth.
Statement issued by Alan B. Krueger, Chairman of the Council of Economic Advisers.
