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March Employment Report – Unemployment Rate Drops to 8.2%

Friday, April 6, 2012 @ 08:04 AM
posted by Scott

The U.S. Bureau of Labor Statistics reported today that employers added 120,000 jobs in March.  The jobs number is lower than anticipated compared to an average increase of 246,000 the past three months.  However, the unemployment rate dropped to 8.2%.  Additionally, employment for January and February was revised upward by 4,000 additional jobs.

The unemployment rate averaged 8.9 percent last year, down from 9.6 percent the previous year.   Regarding government employment, the Bureau of Labor Statistics reports that “ government employment was essentially unchanged” in March.  Over the past 12 months, the sector has lost 277,000 jobs, with declines in local government; state government, excluding education; and the U.S. Postal Service.

The job market was retracting heavily during the depths of the recession in 2008 and early 2009 with job losses of over 750,000 several months.   Over 4 million jobs have been created over the last 25 months.

This is the seventh month in a row in which the economy generated 100,000 jobs or more.  125,000 are needed each month to keep up with growth in the potential labor force.

 

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