Facts Show That March Wasn’t That Bad
A lot of people started worrying about March’s report on employment in the U.S., a gloomy cloud got over everyone’s heads however make sure you hear out what experts have to say about it. It’s still not time for despair!
The main thing you should be aware of is that last month’s report actually doesn’t have anything to do with the economy itself. As some pools show, most of the economic experts blame harsh weather in some unfortunate parts of the States.
The Labor Department’s calculations show that the biggest drop was caused simply because people were unable to work due to the inclement weather. This year’s number of those unable to work was over 40000 higher than last year.
If we proceed with number crunching we also get to the conclusion that only two industries were seriously hit by opened job positions, construction and leisure/hospitality. And again these have been considerably by the weather since both of these industries are quite weather-sensitive. Snow and ice stopped a lot of construction sites and many people are not akin to going out on a cold morning just for fun.
However, we can’t blame the weather for everything, it is just a transitory factor and all we can hope is that when spring actually comes we’ll see an improvement on the labor market.
Two other industries that are not that affected by nature did drop vacant work places or cut the number of employees. The manufacturing industry subtracted a huge number of payrolls, while restaurants slowed their hiring almost to a standstill. The decrease in food and drink employment is right now at it’s lowest since June 2012. Also, with the dollar appreciating it is making US business harder to sell to overseas customers.
Chief economist at HIS Inc., NarimanBehravesh, said that he is not that concerned about what happened during March and that there is no reason for concern. He added that there are signs of consumer power getting stronger and that spending will bolster growth ahead. For instance, car sales are rebounding after quite some time.
Looking ahead we can hope that hiring will pick up once it’s a bit warmer, until then don’t fall to despair, but also, don’t stop following reports of the experts and current labor market. There has been some interesting curves this year, not only in the States, so these kind of downsides are more or less normal.