Jobs Report: Jobless Rate Falls to 8.8 Percent, But Public Sector Jobs Decline
April 1, 2011
(ChattahBox Business News)— The jobs report for March was released today, and all signs point to a continued but slow recovery. New private sector jobs are finally being created. And the unemployment rate dipped one percentage point to 8.8 percent; the lowest level in two-years. But while private sector hiring is picking up, the public sector is shedding jobs at an alarming rate, as cash-strapped states balance their budgets on the backs of workers, while handing out tax breaks to corporations and the wealthiest one percent of Americans.
The report from the Bureau of Labor Statistics notes the downward trend in public sector jobs.
“Employment in local government continued to trend down over the month. Local government has lost 416,000 jobs since an employment peak in September 2008.”
But private employers are stepping up their hiring, particularly in health care and service industries. Businesses also took on a larger number of temporary employees in the month of March.
CNN Money reports:
“The trend in business hiring is widespread, with 68% of industries adding jobs so far this year. Among the leading sectors were business and professional services, which added 78,000 jobs, health care and social services, which brought on 44,000 workers, and leisure and hospitality, which increased staffing by 37,000.”
“One closely watched sector, temporary workers, grew by nearly 30,000. That is important because many businesses will bring on temporary staff as a prelude to making permanent hires.”
The March jobs report also revised the figures from January and February, slightly raising the nonfarm payroll employment numbers.
The latest jobs report is encouraging news, now if Republican governors can refrain from their assault on public workers, and Republican lawmaker would stop making the jobless rate worse on purpose, we may finally enjoy a more fuller economic recovery.
Photo Source: Wikimedia/Swing Shift workers 1942/Franklin D. Roosevelt Library & Museum/Public Domain.