Unemployment Reaches 5.1%

123jump.com Staff
04 Apr, 2008
New York City

The latest payroll data offered another evidence of the U.S. economic recession. Non-farm payroll in March fell 80,000 after falling revised 76,000 in February and January. Private sector losses would have been higher had it not been the government payroll rising. Private sector lowered the payroll by 98,000 in the month but the government payroll increased by 18,000.

[R]12:00PM New York – The latest employment data suggests that more industries are laying off people and economic recession is likely to deepen further.[/R]

The latest payroll data offered another evidence of the U.S. economic recession. Non-farm payroll in March fell 80,000 after falling revised 76,000 in February and January. Private sector losses would have been higher had it not been the government payroll rising. Private sector lowered the payroll by 98,000 in the month.

Average hourly rate rose 5 cents to $17.86 and construction, financial services and manufacturing industries shrank payroll. Falling dollar is helping exports but employment in the manufacturing industry is still declining.

Manufacturing firms cut payroll by 48,000 and automobile sector saw payroll fell by 24,000 largely on an ongoing strike at American Axle & Manufacturing. Private sector has lowered its payroll for the fourth month in a row.

Construction industry lowered payroll by 51,000 after eliminating 37,000 people in February. Retail payroll fell 12,400 after eliminating 46,700 in February but service industry including financials, restaurants, and retailers added 13,000.

Financial services payroll declined 5,000 after losing 11,000 in the previous month. Government added 18,000 jobs and education and health services hired 42,000 people in the month.

In a separate report the Department of Labor indicated that unemployment rate increased to 5.1%.