Spring is finally here. The U.S. economy added 192,000 jobs in March, leaving the unemployment rate unchanged at 6.7 percent, according to new data released Friday morning from the Bureau of Labor Statistics. This comes on the heels of last month’s expectations-beating report, which showed a growth of 175,000 jobs in February.
The new report revises February’s growth to 197,000 and January’s to 144,000 jobs added, up from an original 129,000.
Friday’s report came in slightly below Wall Street’s optimistic expectations of about 200,000 added jobs in March. The U.S. economy has added 183,000 jobs per month on average over the last year, but the brutal winter across the country cooled things down a bit. Accounting for the latest revisions, from December through February, the average job growth per month was just 139,000, below the 225,000 average growth during the preceding three months. That drop-off can be partially attributed to interruption in construction, and heavy snow temporarily shutting down factories.
Signs of the positive weather change can be seen in the growth of the average workweek in the latest report. In March, the average workweek increased by 0.2 hours to 34.5 hours, including a 0.3 hour increase for the manufacturing workweek. In construction, the average workweek increased by one hour from February to March, returning to the 39.1-hour week from March 2013.
So if baseball season starting up this past week didn’t prove it to you, this new jobs report hopefully should: Winter is over. With the combination of February’s revised number and March’s near-200,000 growth, things are looking just a little rosier. The economic recovery has a way to go, but we may finally be turning a corner after a sluggish few months.
What We're Following See More »
"A federal appeals court's decision that declared the Consumer Financial Protection Bureau an arm of the White House relies on a novel interpretation of the constitution's separation of powers clause that could have broader effects on how other regulators" like the Office of the Comptroller of the Currency and the Federal Housing Finance Agency.
"According to a new POLITICO/Morning Consult poll, the first national post-debate survey, 43 percent of registered voters said the Democratic candidate won, compared with 26 percent who opted for the Republican Party’s standard bearer. Her 6-point lead over Trump among likely voters is unchanged from our previous survey: Clinton still leads Trump 42 percent to 36 percent in the race for the White House, with Libertarian nominee Gary Johnson taking 9 percent of the vote."
Twitter bots, "automated social media accounts that interact with other users," accounted for a large part of the online discussion during the first presidential debate. Bots made up 22 percent of conversation about Hillary Clinton on the social media platform, and a whopping one third of Twitter conversation about Donald Trump.
The International Consortium of Investigative Journalists, the nonprofit that published the Panama Papers earlier this year, is being spun off from its parent organization, the Center for Public Integrity. According to a statement, "CPI’s Board of Directors has decided that enabling the ICIJ to chart its own course will help both journalistic teams build on the massive impact they have had as one organization."
According to a new report, the Environmental Protection Agency waited too long before informing the residents of Flint, Mich. that their water was contaminated with lead. Written by the EPA's inspector general, it places blame squarely at the foot of the agency itself, saying it had enough information by June 2015 to issue an emergency order. However, the order wasn't issued until the end of January 2016.