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Jobs Report: Economy Sputters and Stalls in March

D G Wrote: Apr 05, 2013 9:25 AM
First Quarter hiring is down 27% from last year. BLS report was issued this morning. Jan and Feb 2013 revised upward. March was disappointing. 2012: Jan 311,000; Feb 171,000; Mar 205,000 .... Total 687,000 2013: Jan 148,000; Feb 268,000; Mar 88,000 .... Total 504,000 The decrease in jobs created for the quarter is 183,000 or about 27%. Labor participation rate sank sharply as about 500,000 people dropped out of labor force. Labor participation rate is now at its worst since 1979. The reduced labor participation rate caused a drop in the headline unemployment rate.
The American economy added 88,000 jobs in March, according to the Bureau of Labor Statistics, which was a major miss from predictions. Forecasters were expecting between 150,000-200,000 jobs added. The unemployment rate dropped despite the lackluster number added due to a sharp drop in the labor force participation rate - from 7.7 to 7.6%. Nearly half a million people stopped looking for work in March.

In short, then, the economy stalled after a surprisingly strong February. Employers weren't hiring much and a lot of people gave up looking for jobs. Even the federal government lost jobs - though that was...

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