MARCH 2013 EMPLOYMENT RESULTS ARE IN
By: Hope Wilkos, Writer/Blogger Photographer: George Whylie Videographer: Maxine NolanIt appears that as a nation, we are working towards a recovery and while it may be slow, positive results appear to end the month of March. The household survey shows that the unemployment rate fell from 7.7% in February to 7.6% in March, the lowest since December 2008. The labor force participation rate decreased by 0.2 percentage points to 63.3% in March.
Private sector jobs saw the highest increase, 95,000 jobs in the month. Total non-farm payroll employment rose by 88,000 jobs. Between February and March, the revised increase was 61,000 jobs. Over 37 straight months, the private sector has continued to add nearly 6.5 million jobs. One thing to take note of is the fact that the March household and payroll surveys are the first monthly surveys to look at employment since the beginning of sequestration. The arbitrary and unnecessary cuts to government services will be a headwind in the coming months and in addition will cut key investments in the Nation’s future competitiveness. By the end of this year, the Congressional Budget Office estimates that the sequester will reduce employment by 750,000 full-time equivalent jobs.
In March, employment rose in professional and business services by 51,000 jobs, in education and health services jobs rose by 44,000 jobs, construction by 18,000 and leisure and hospitality rose by 17,000. Retail trade lost 24,100 jobs in March after having a positive upswing for 8 straight months. The construction industry has added 169,000 jobs since September. In the last two years, the construction sector has added 317,000 jobs, with over half of that increase taking place in the last six months.
It is important to note that all employment estimates are subject to revision. The Administration continues to urge Congress to replace the sequester with a balanced deficit reduction, while working to put in place measures to put more Americans back to work. By rebuilding our roads and bridges and promoting American manufacturing, that goal can be achieved. The President will continue to press Congress to act on measures he called for in the State Of The Union address in order to promote job growth, ensure workers have the skills they need to compete, and help hard-working Americans to make a decent living.
The President stressed his goals once again in his weekly address telling the American public that he is sending the Budget to Congress this week and that budget calls for a balanced approach to deficit reduction, including reforms that strengthen Medicare for future generations and tax reform that closes wasteful loopholes, so we can afford to grow the economy, create new jobs and reignite the engine of economic growth. If that goal can be achieved, we will have a rising and thriving middle class.
STATEMENT RELEASED BY Alan B. Krueger, Chairman of the Council of Economic Advisers
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