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According to some economists, especially those associated with the White House, the fact that the U.S. Department of Labor employment data for March released on Good Friday (April 2) showed job growth of 162,000 non-farm payroll jobs, is an indication that the national economy could be growing. However, 162,000 jobs gained from among some 11 million individuals unemployed across the country did not move the unemployment rate below the 9.7 percent mark realized in February.
For the millions of people across the country and thousands in South Florida who have not found a job after searching for months, the deplorable economy still exists. The national unemployment rate has held at 9.7 percent for the past three months.
Again, although some economists see the latest labor report as positive, the report also expressed another negative characteristic by stating that 6.5 million Americans have been unemployed for 27 weeks or more.
Notwithstanding, the negative implications the unemployment data for the first quarter of 2010 shows a positive picture, with 14,000 jobs gained in January and the significant gain of 162,000 in March. This 162,000 net growth in the quarter compares to a massive loss of 753,000 in the first quarter of 2009. However, March’s job gain was seen by the DOL as somewhat of a disappointment as a larger job growth was anticipated from the number of temporary jobs made available due to the 2010 Census. Apart from Census Bureau jobs, the gain in March was reflected in new jobs in construction and manufacturing – a sign, according to the White House that jobs related to the America Recovery Plan (the Stimulus Plan) are being reflected in the employment data.
Consulting economist Jasper Elliott of Davie believes the job growth will continue, “but slowly.” Elliott said, “As summer approaches, more stimulus fund-related jobs in road building and construction will become available. Within a few months the 2010 Census process will end, which could negate gains from stimulus plan-related jobs. But, there could be gains through small business employment as credit is channeled to small businesses.”
Referring to the new jobs report President Barack Obama said, “We are beginning to turn the corner. This month, more Americans woke up, got dressed and headed to work at an office or factory or storefront.”
Until unemployment figures are released by Florida’s labor department in mid-April, it is unknown if the growth in the national job rate was reflected in the region. The state’s unemployment rate has been consistently higher than the national average, reaching a very high 12.2 percent in February.
Elliott is not optimistic about any significant decline in the state’s or South Florida’s unemployment. “Construction which was the magnet for jobs in Florida is still at a virtual standstill, and there is no massive growth in the tourism sector, so except for the census jobs and slight growth in the education and healthcare sectors, not much growth is anticipated.”
On Monday the U.S. stock market responded favorably to the jobs report with the DOW index rising to 10973.55 – the highest average since the Obama administration took office in January 2009. “It is a good sign – a strong stock market indicates economic growth with investors having confidence, willing to put funds into businesses which will eventually boost employment,” Elliot said. |
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