Skip to comments.Private Sector Adds 209,000 Jobs in March; Services Lead Growth
Posted on 04/04/2012 10:47:00 AM PDT by SeekAndFind
The private sector created 209,000 jobs in March, continuing the slow but steady rise in employment that has characterized the employment market for months.
Services again led the job creation, according to a report from ADP and Macroeconomic Advisors.
The service sector increased 164,000 in March, though the rate of job creation slowed a big from the upwardly revised 183,000 in February.
"It's got to go this way," Joel Prakken, chairman of Macroeconomic Advisors, told CNBC. "Early in the recovery you normally see a pop in manufacturing employment, but that sector no longer counts for enough of the total employment in the United States to be the eventual long-run driver of the recovery. You've got to have the recovery in service-sector jobs."
Job creation in goods-producing businesses rose 45,000 for the month, while manufacturing rose 23,000 and construction grew 13,000.
The financial sector added 8,000 positions for the month.
Small businesses defined has having fewer than 50 employees led the way in job creation, adding 100,000 positions. Medium-sized firms added 87,000, while large businesses with 500 or more employees lagged with 22,000 new positions added.
Financial markets reacted modestly to the report, with stock market futures edging up a bit from their lows of the morning, while Treasurys cut a bit of their price gains.
The ADP release traditionally sets the stage for the government's nonfarm payrolls report to be released Friday. Economists expect the payrolls number to grow by about 207,000 and the unemployment rate to hold steady at 8.3 percent.
ADP's numbers were a shade below consensus though unlikely to generate any substantial revisions to the nonfarm number.
(Excerpt) Read more at cnbc.com ...
If the economy adds about 208,000 jobs per month, which was the average monthly rate for the best year of job creation in the 2000s, then it will take until March 2024over 12 yearsto close the jobs gap. Given a more optimistic rate of 321,000 jobs per month, which was the average monthly rate for the best year of job creation in the 1990s, the economy will reach pre-recession employment levels by February 2017not for another five years.
“...If the economy adds about 208,000 jobs per month, which was the average monthly rate for the best year of job creation in the 2000s, then it will take until March 2024over 12 yearsto close the jobs gap...”
After Obama and his socialist mob is gone, I think it will ramp faster than that once the American economy is back up and running. When CONFIDENCE is restored that we have a government that is not deliberately destroying our capitalist economy, wonders will happen.
is that assuming a population growth?
The price of gas is about to slam the brakes on this.
This is gonna be Staycation Summer. Don’t look for resorts, hotels or water parks to do their usual amount of hiring.
The factor that blows the curve is the type of jobs that are being created: service jobs.
The Obama camp wants Joe Voter to focus only on the numbers, because if Joe Voter realizes that all the people who lost jobs in real estate, finance and manufacturing are now waiting tables, raking leaves and working at the Gap he’ll realize just how big the sh** sandwich is and how long it will take to eat it.
Part time, too.
What amazes me is there is always at least one missing number in these fantasy reports.
Ok I get xxxx number of jobs we added in March. EXACTLY how many people filed their first unemployment claim DURING THE SAME PERIOD?
One number without the other is male bovine excrement.
When we are given the wonderful, better than anticipated, Only 300,000 filed new unemployment claims and the UE rate is 8.5% how many just dropped off because they exceeded their 99 weeks? Don’t know? They know everything else about us and they cannot come up with that number?
I feel like a kid still being told Santa Claus, the Easter Bunny, and truth justice and the American way still exists.
Nope. It will "magically" drop down to 8.2 or 8.1.
When Bush was President, these were considered “Mcjobs” I guessing that’s not the case now?
Yes it includes population growth as well as the 1.2 million LEGAL immigrants we bring in each year.