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Showing posts with label job growth. Show all posts
Showing posts with label job growth. Show all posts

Private-sector jobs took a robust turn in February

It’s up. It’s down. It’s up again. Tracking the U.S. employment climate can be a little bit like following a Hollywood celebrity’s career. But for today, the news is good.

Private-sector employment jumped 217,000 in February – with medium businesses adding 104,000 jobs; small businesses, 100,000 jobs; and large businesses, 13,000 jobs.

The speed of gains is accelerating, too. From December 2010 through February 2011, the average gain was more than 200,000 – compared with an average gain of just over 60,000 during the previous six months.

"Looking at the ADP numbers over the last five or six months, the trend is clearly toward stronger private sector employment and we should see that trend going forward," said Steve Blitz, senior economist for ITG Investment Research in New York.

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It's a good Friday for job growth, too

On this sunny Friday afternoon, I thought I’d pass along some equally cheery news from the job front:

The U.S. economy posted its largest job gain in three years in March.

More specifically, the Department of Labor said employers added 162,000 jobs last month – 123,000 of those by private employers.

"It's just the beginning of a rise in private hiring that will help sustain the recovery," said Stuart Hoffman, chief economist at PNC Financial Services Group."They're not big numbers, but they're welcome numbers."

And although some of the news in the report was mixed, I’d like to sustain your good mood with only these additional, upbeat details:

=> Manufacturers added 17,000 jobs, the third straight month of gains
=> Temporary help services added 40,000 jobs, while health care added 37,000
=> Leisure and hospitality added 22,000 jobs
=> Even the beaten-up construction industry added 15,000 positions
=> Plus, the average work week increased to 34 hours from 33.9


This recent report comes on the heels of data earlier this week that showed consumers are stepping up their spending, and manufacturing activity is growing at its fastest pace in more than five years. As they keep a close eye on the numbers, economists are hopeful that the nation will steer clear of a "double-dip" recession, where growth slows after a short burst.

"The stars are starting to align here," said Brian Bethune, chief U.S. financial economist at IHS Global Insight.
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