The U.S. unemployment rate held steady at 9.7% for the third straight month in March as the world's largest economy added jobs at the fastest pace in three years - the most-certain sign yet that the worst job market in a generation is finally improving, economists say.
"This recovery is for real," Chris Rupkey, an economist at The Bank of Tokyo
Mitsubishi UFJ Ltd., said in a statement.
Still, there are causes for concern.
"This recovery is for real," Chris Rupkey, an economist at The Bank of Tokyo
Mitsubishi UFJ Ltd., said in a statement.
Still, there are causes for concern.
On average, there are five or six unemployed people competing for each job opening, meaning there's ferocious competition for new positions. At the present rate, it could be four or five years before the jobless rate drops back to the more-normal range of 5% to 6%.
On March 15, Gallup's unemployment rate was 10.3% - essentially the same as the 10.4% of March 1, but down from 10.8% in mid-February. However, this decline in the percentage of unemployed Americans was more than offset over the past 30 days by an increase in the percentage of those working part-time but wanting full-time work, from 9.0% in mid-February to 9.7% in mid-March.
Gallup's data suggest that while the U.S. unemployment rate has declined over the past month, the employment gains may be due to U.S. workers taking part-time jobs - even though they want to work full time, preferably in jobs in their chosen professions. But those jobs, in many cases, are either not available, or are tough to get because of the intense competition.
That brings us to next week's Money Morning "Question of the Week:" How confident are you in the U.S. jobs market? Do you feel that the U.S. employment outlook is getting better, getting worse, or essentially just holding its own? Are you in the job you want to be working in? If not, why not?
Send your thoughts, questions, concerns and insights to mailbag@moneymappress.com. Don't miss a chance to let your "vote" be heard!
[Editor's Note: Is there a topic you want to see covered as a "Question of the Week" feature? Then let us know by e-mailing Money Morning at mailbag@moneymappress.com. Make sure to reference "question of the week suggestion" in the subject line.
We reserve the right to edit responses for length, grammar and clarity.
Thanks to everyone who took the time to participate - via e-mail or by posting their comments directly on the Money Morning Web site.]
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On March 15, Gallup's unemployment rate was 10.3% - essentially the same as the 10.4% of March 1, but down from 10.8% in mid-February. However, this decline in the percentage of unemployed Americans was more than offset over the past 30 days by an increase in the percentage of those working part-time but wanting full-time work, from 9.0% in mid-February to 9.7% in mid-March.
Gallup's data suggest that while the U.S. unemployment rate has declined over the past month, the employment gains may be due to U.S. workers taking part-time jobs - even though they want to work full time, preferably in jobs in their chosen professions. But those jobs, in many cases, are either not available, or are tough to get because of the intense competition.
That brings us to next week's Money Morning "Question of the Week:" How confident are you in the U.S. jobs market? Do you feel that the U.S. employment outlook is getting better, getting worse, or essentially just holding its own? Are you in the job you want to be working in? If not, why not?
Send your thoughts, questions, concerns and insights to mailbag@moneymappress.com. Don't miss a chance to let your "vote" be heard!
[Editor's Note: Is there a topic you want to see covered as a "Question of the Week" feature? Then let us know by e-mailing Money Morning at mailbag@moneymappress.com. Make sure to reference "question of the week suggestion" in the subject line.
We reserve the right to edit responses for length, grammar and clarity.
Thanks to everyone who took the time to participate - via e-mail or by posting their comments directly on the Money Morning Web site.]
News and Related Story Links:
-
Money Morning Archive:
Reader Question of the Week Feature. -
Money Morning News Analysis:
The U.S. Employment Outlook: Bad For Paychecks, Good For U.S. Stocks. -
Cleveland, Ohio Business News:
U.S. unemployment rate stays at 9.7 percent in March. -
Gallup.com:
Underemployment Hits 20% in Mid-March. -
Gallup.com:
Americans Say Jobs Top Problem Now, Deficit in Future.
Are you kidding?……economy,jobs improving?….maybe at wal-mart,which is filled to the ceiling with "made in china".Our own gov't sold out the american worker.
Your government has not sold out the american worker. But your government is facing the same realities then other western governments from the so called developed word. That is to say a more gllobalized econonomy where, in western countries, the " production frontier" has been reached, where most marrkets are mature, where growth and added value are scarced, where social and environmental costs are spiralling. Of course, there is still the famous " emerging countries " . High growth but lower prices, lower costs, no social or environmental concerns …As one friend of mine said : The table is still the same. So the cake .. but there is more people around it.
That ther will be less workers is a fact. But what governments should do is , first tell the truth and then prepare people for what looks like a dodgy future.
In other words, everyone for himeslf….
Employment is not improving in Central Florida. It stands at 12.3% and that is not accurate. In a recent survey in my 1400 home subdivision in almost every other home one wage earner had lost their job. If it was the husband and the wife was supporting the household there was tremendous bitterness. All I can say is Washington had better be careful because these people are ready to throw them all out.
Rich and Jay:
Thanks, both of you, for your comments.
Rich … I think you may have missed the point a bit here … remember, unlike the other news stories, analyses and investment-research pieces, the "Money Morning Question of the Week" feature is truly just that — a question. We want to know what YOU, the reader, think about this particular topic. We provide the question, and we provide some background information on both sides of the issue — with the latter intended only to better set up the question (and to help stimulate thinking and debate). But we're not actually taking a position here …. that's for the readers to do.
We here at Money Morning want to do all we can to make sure that we're focusing on the topics that readers feel are most important. That's one of the reasons that we started the Question of the Week….as a way of getting closer to our readers, and of zeroing in on the topics they feel are important.
We truly want to hear from you. It's our hope that you'll continue to write, and that we'll continue to benefit from the knowledge and insights of readers such as you.
Jay, we really liked the local details that you provided …. it helps provide a picture of what's "really" going on within the U.S. economy.
Thanks again, to both of you, for taking the time to write. We hope to hear from you again.
Respectfully;
The Money Morning News Staff
reply to staff……you are right,and i am sorry……..i just took off like that because i am totally frustrated with what our dysfunctional and corrupt government is doing to our country.
I see where i went wrong….i would love to continue……thank you for putting up with me.
rich