Economists See Promise in March Job Numbers
Monday, April 7th, 2014 -- 1:05 PM-Few people responded to the March jobs report with high-fives and cheers. But there may be reasons to applaud in the months ahead.
Hiring in March was close to the economic recovery's steady but hardly explosive monthly average of the past two years: 192,000 added jobs. The unemployment rate remained 6.7 percent for a second straight month, according to the government's report Friday.
That wasn't the blockbuster figure predicted by some economists, who figured hiring would take off in March after a winter when factory orders, home sales and auto buying were slowed by severe weather.
Yet tucked into the March jobs report and other recent indicators were hints of stronger job growth ahead. Hiring over the past 12 months has outpaced population growth. More workers in the prime 25- to 54-year-old age group are finding jobs. The winter freeze was less destructive to hiring than had been assumed. Layoffs have declined since February. And an increase in hours worked suggest that incomes will rise.
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