Addition of 192,000 Jobs in U.S. Economy in March

Addition of 192,000 Jobs in U.S. Economy in March

Despite of slowdown in economic recovery in winters, the U.S. economy has added 192,000 jobs in March, a good news for jobseekers. The Obama Administration has taken the decision to increase the number of jobs after considering the difficult situation regarding the long-term unemployment, which is about 33% in the country.

Out of total jobs, about 57,000 have been added with rapid expansion of the professional and business services sector, 19,000 jobs in the health care industry and the construction sector.

A constant 6.7% unemployment rate has been reported by the Labor Department with joining of nearly half a million people to the labor force. Alan MacEachin, corporate economist at Navy Federal Credit Union, said that the job market continues to show healthy and positive results. Alan expects businesses to advance the economy so as to recover lost activity over the winter.

Also, a gradual increase of 0.2 hours turning to 34.5 hours in the average workweek has been reported in March. After an increase of average hourly earnings by nine cents in February, a slip of one cent turning to $24.30 has been marked in March.

Millan L. Mulraine, deputy head of U.S. research and strategy at TD Securities, said strong showing in almost every other aspect of the report is expected with advancement in the labor market. While the U.S. stock markets opened higher on the news, the markets faced selling pressure at higher level.

(Reporting with inputs from Wire Agencies)

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