Unemployment drops again to 8.8 percent for the month of March. This is welcome news, as the stock market has already shown a positive reaction to the newest figures.
Last month, when the February Employment Situation came out many were excited to report that the 8.9 percent was the lowest percentage since 2008. The latest drop along with the news of a 216,000 raise to payroll is a positive indicator for the economy.
Household Data, Seasonally Adjusted
Of the 7 demographics analyzed for unemployment statistics four categories saw drops including; Adult men, adult women, white and hispanic or latino. As for the categories that saw increases in unemployment; teenagers, black or african americans and asians.
Category Dec. 2010 Jan. 2011 Feb. 2011 Mar. 2011
Unemployment 9.4% 9.0% 8.9% 8.8%
Jobs 103,000 36,000 192,000 216,000
Labor Department Gains
The job gains were in many service providing industry with mining (+13.6 thousand) and manufacturing employment (+17 thousand) showing trends up. The service providing sector showed job gains over all with a 78,000 gain in professional and business service areas, temporary help services (+29,000) and professional and technical (+35,000).
There have also been manufacturing gains in durable goods. A sign that consumers are getting back in the shopping grove.
The drop is a direct result of the labor force and job creation both increasing over the month of March. Many individuals are interested to see what the government will say over this months results in order to see who is directly responsible for the good news. Quantitative Easing is also going to be the subject of many discussions, and whether or not the Fed plans to continue their plans for QE2.
The Unemployment rate for each month usually comes out the first Friday of the next month. To see the April Unemployment Rate report check back on May 1, 2011.