Regis Philbin
Apr 9th, 2007, 05:05 PM
http://www.washingtontimes.com/business/20070406-103239-7292r.htm
Jobless rate falls to five-year low
By Patrice Hill
THE WASHINGTON TIMES
April 7, 2007
The unemployment rate fell to a five-year low of 4.4 percent as job growth picked up to 180,000 last month — a show of strength that bolstered hopes that the economy will endure the turmoil in the housing and mortgage markets without major harm.
The March increase in jobs reported by the Labor Department reflected a revival of hiring among construction companies, department stores and retailers as well as continued robust growth of health care jobs. The construction job gains erased a big loss in February resulting from cold weather and left jobs in the sector roughly unchanged since September with increases in hiring for office and government construction projects offsetting losses in housing construction.
In another sign of unexpected strength, hiring in January and February was 32,000 more than previously reported. But the overall employment gains in March masked the loss of another 16,000 manufacturing jobs — the ninth straight month of shed factory jobs — as well as a rare cut in business services jobs for accountants and temporary employees.
"The latest job numbers show an economy that is effectively absorbing the blows from the residential and mortgage sectors," said Bernard Baumohl, managing director of the Economic Outlook Group, an economic advisory firm in Princeton Junction, N.J.
Job growth averaged a "respectable" 152,000 a month in the first quarter, which is down from last year's 188,500 pace but consistent with the more subdued growth of the economy, he said.
Jobless rate falls to five-year low
By Patrice Hill
THE WASHINGTON TIMES
April 7, 2007
The unemployment rate fell to a five-year low of 4.4 percent as job growth picked up to 180,000 last month — a show of strength that bolstered hopes that the economy will endure the turmoil in the housing and mortgage markets without major harm.
The March increase in jobs reported by the Labor Department reflected a revival of hiring among construction companies, department stores and retailers as well as continued robust growth of health care jobs. The construction job gains erased a big loss in February resulting from cold weather and left jobs in the sector roughly unchanged since September with increases in hiring for office and government construction projects offsetting losses in housing construction.
In another sign of unexpected strength, hiring in January and February was 32,000 more than previously reported. But the overall employment gains in March masked the loss of another 16,000 manufacturing jobs — the ninth straight month of shed factory jobs — as well as a rare cut in business services jobs for accountants and temporary employees.
"The latest job numbers show an economy that is effectively absorbing the blows from the residential and mortgage sectors," said Bernard Baumohl, managing director of the Economic Outlook Group, an economic advisory firm in Princeton Junction, N.J.
Job growth averaged a "respectable" 152,000 a month in the first quarter, which is down from last year's 188,500 pace but consistent with the more subdued growth of the economy, he said.