The Department of Labor’s closely watched employment report on Friday, March 10, also showed labor supply swelled last month, helping to lift the share of the prime-age population in the labor force to the highest level since just before the COVID-19 pandemic.avoid a much feared recession“This is a strong foundation for the economy,” said Nick Bunker, head of economic research at the Indeed Hiring Lab.
Economists polled by Reuters had forecast job growth of 205,000, with estimates ranging from 78,000 to 325,000. The economy needs to create 100,000 jobs per month to keep up with growth in the working-age population.was not a fluke. The leisure and hospitality sector accounted for a third of the jobs created last month, adding 105,000 positions, the bulk of them at restaurants and bars. Employment in leisure and hospitality remains 410,000 jobs below its pre-pandemic level.Employment in professional and business services rose by 45,000 jobs and healthcare added 44,000 positions. Construction payrolls grew by 24,000 jobs, but manufacturing employment dropped 4,000.
“Progress on inflation can be made without torpedoing employment,” said Sarah House, a senior economist at Wells Fargo in Charlotte, North Carolina. “The recent pace, if sustained, gets earnings growth within the realm of what would be consistent with 2% inflation assuming the recent trend in productivity growth continues.”
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