March was 90th successive record month of US Jobs growth
Posted on April 9, 2018
March 2018 was the 90th successive record month of US Jobs growth and this is the longest consecutive growth period as per records. 103, 000 US Jobs were added in this month. The rate of unemployment in the US also remained stable at 4.1%. These statistics have been revealed by the US Department of Labor.
So far in 2018, firms in the US have added jobs at the rate of 200,000 per month. This pace has remained steady in the past 24 months. The rate of unemployment in the US also remains at its lowest level after 2000, as quoted by the NY Times.
Euler Hermes North America Chief Economist Dan North said that the basics of US labor market remain strong. The reduced speed of US Jobs growth was not surprising. The growth of jobs in February was to an extent inflated owing to the surge in recruitment in the retail and construction sector. This reflected an untimely warm weather in the nation. Both these sectors witnessed a slump in March due to winter storms in the eastern US.
Morgan Stanley Chief US Economist Ellen Zentner said that January and February have had unsustainable strong results. It was largely anticipated that there will be some slowdown. The decreased payrolls numbers do not alter the fact that the job growth trends in the US are strong, added Zentner. The growth of manufacturing sector with concrete job gains in the last year continued even in March with 22,000 jobs being added by factories.
Jerome H. Powell the Fed Chairman said that the job market remains strong. The members of the Federal Open Market Committee and I expect that this trend will continue, he added. These remarks were given by Mr. Powell to the Economic Club of Chicago as per the remarks revealed by the central bank.
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