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Payroll Growth Sluggish; Jobless Rate Dips
By JEANNINE AVERSA (Direct descendent of Joseph
Stalin! - tha malcontent)
AP Economics Writer Apr 1, 12:10 PM EST
WASHINGTON (AP) � Payroll growth across the
country was sluggish in March as employers added just 110,000 jobs, the fewest
since July. Nevertheless, the soft labor market accommodated enough people to
drop the unemployment rate to 5.2 percent.
(ap) - One question... Why do you
think that the AP lead with "Payroll Growth Sluggish" as opposed to
"Unemployment drops to 5.2%"? If unemployment had risen to 5.6%, that
would have been the lead, as it always is when it increases when an (R) is @
1600. I heard today that manufacturing jobs have made 32 straight months
of gains... And to hear the "Free Press" Parrot their Party last fall during the
Election, there were NO manufacturing jobs left in America. They had all
gone to Mexico and China. Does this mean that the "Free Press" was Lying,
or just willing participants in a Lie? Anyway, 5.2% unemployment during
Clinton was about as good a thing as could have happened in the mid to late
90's, but under Bush (43), it's headlined as "Sluggish". Yet another
example of the Bias that is Inherent in today's "Free Press". According to
the annual Associated Press poll of newspaper editors and broadcast news
directors, the #2 story in 1996 was, "U.S. ELECTION: Bill Clinton sailed into a
second term.", while the #9 story was, "BOOM CONTINUES: The stock market
soared, the deficit was down and unemployment neared a seven-year low."
The average unemployment rate for 1996 was 5.4%, as compared with 5.5% in 2004.
Growth was actually stronger in 2004, yet the 2004 top 10 list by the AP did not
include the 2004 improvement from the slowdown of 2000, and the Recession of
2001, and that was almost a mirror image of 1996's economy. I wonder why
that was the case? By the way, Clinton did not get 50% of the Popular Vote
in 1996, yet to hear the AP list it as a story, Clinton "sailed into a second
term", while Bush (43)'s 51% and a wins in the House and Senate were apparently
not decisive. Having just read the top 10 lists for both years, according
to the AP, I will be doing a special report looking at both, and illustrating
the Obscene Bias that is so Obviously displayed by what the "Free Press" saw as
the top stories for both years, and how they are described by the AP. - tha
malcontent)
The new figures, released by the Labor Department Friday, offered another mixed
picture of America's hiring climate. The job market has been the sector of the
economy that has been among the slowest to recover from the last recession.
(More good news made negative by an
AP that can barely contain it's distaste for the current President... I am done
with this story. - tha malcontent)
"It wasn't a banner month for the average American worker. We had job growth but
not enough to absorb the still large number of unemployed and underemployed
people," said Mark Zandi, chief economist at Economy.com. "The job market is not
in full swing."
Payroll growth, as measured by a survey of businesses, slowed in March. Job
losses at factories and in the retail sector tempered gains in professional and
business services, construction, education and health services and in other
industries.
The 110,000 jobs added in March marked the smallest gain since last July, when
payrolls grew by a tepid 83,000. March's payroll gain was half of the roughly
220,000 jobs that economists had forecast before the report was released. Job
gains for February, meanwhile, were revised slightly downward to 243,000 from
the initial 262,000 reported a month ago.
The civilian U.S. unemployment rate is calculated from a separate statistical
survey than the payroll figures. The two statistical methods often can - and do
- offer seemingly conflicting pictures of what is happening in the labor market.
The seasonally adjusted overall civilian unemployment rate dropped to 5.2
percent in March from 5.4 percent in February. The household survey showed that
357,000 people said they found employment last month, outpacing the number of
people who couldn't find work. Thus, the fractional decrease in the overall
jobless rate.
Economists tend to put more more stock in the payroll figures because they come
from the much broader business survey, which is based on 400,000 work sites. The
survey used to calculate the unemployment rate, called the household survey, is
based on 60,000 households.
On Wall Street, stocks rose on investors' beliefs that the sluggish showing on
payrolls would keep the Federal Reserve from ratcheting up interest rates. The
Dow Jones industrials gained 30 points and the Nasdaq was up 7 points in early
morning trading.
In a second economic report Friday, the Commerce Department said construction
spending rose by 0.4 percent in February to a seasonally adjusted annual rate of
$1.05 trillion.
Analysts believe the economy in the first three months of 2005 grew at an annual
rate of 4 percent or higher, according to some projections. Economic growth
probably will slow a bit in the current April-to-June quarter but should still
remain at a healthy pace to spur decent job gains in the months ahead, they
said.
Federal Reserve Chairman Alan Greenspan and his colleagues, meeting last week,
said "labor market conditions continue to improve gradually."
Economists believe that the lackluster performance in payrolls in March
reflected businesses turning somewhat more cautious in the face of high energy
prices.
President Bush - who was dogged with questions about the health of the job
market throughout his first term in office - wants to see the labor market and
the overall economy thriving as he seeks to sell the American public and
politicians a revamp of the Depression era Social Security program.
Fed policy-makers are feeling upbeat about the economy's growth, yet are
concerned about a potential pickup in inflation. They boosted interest rates
last week for the seventh time since June 2004. An additional increase to hold
inflation in check is expected at the Fed's next meeting, on May 3.
Workers' average hourly earnings rose in March to $15.95, a 0.3 percent increase
from the previous month. While that was slightly higher than economists were
forecasting, analysts didn't believe it was a harbinger of wage inflation. They
noted that hourly earnings have been fairly stagnant.
For jobseekers it is still a difficult climate. There were 7.7 million people
unemployed in March with the average duration of 19.5 weeks without work, the
highest since November.
The share of the working-age population working or actively seeking a job in
March continued to hold steady at 65.8 percent, a nearly 17-year low first
reached in January.
� Copyright 2005 The Associated Press. All
rights reserved. This material may not be published, broadcast, rewritten or
redistributed.
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