Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/5/2013 (1 year ago)

Catholic Online (www.catholic.org)

Government continues to shed jobs; economists say not to give up hope

It was a major disappointment after a strong February. The United States reported a softer-than-predicted job growth for the month of March. Contrasted by the 268,000 jobs in February, March's 88,000 new jobs were a definite letdown. It was the slowest pace of growth since last June and less than half of what economists expected.

Many young Americans, discouraged by job prospects, have continued to work in entry level jobs such as waitressing while attending college, racking up college loan debt.

Many young Americans, discouraged by job prospects, have continued to work in entry level jobs such as waitressing while attending college, racking up college loan debt.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/5/2013 (1 year ago)

Published in Business & Economics

Keywords: Hiring, month of March, government jobs, tapering off, market


LOS ANGELES, CA (Catholic Online) - It marked the third spring in a row in which employers tapered off their hiring, even after adjusting the numbers for seasonal changes. Experts call the phenomenon the "spring swoon."

"The general tenor of the report underscores what our overall data have been indicating - a growing but not accelerating economy," director and chief economist at ITG Investment Research Steven Blitz.

Unemployment ticked down to 7.6 percent from 7.7 percent, but this is because many people have stopped looking for work.

Sat 63.3 percent, the labor force participation rate has not been this low since 1979, when women were less likely to be working. Discouragement about job prospects in a mediocre economy still seems to be playing a large role, economists say.

"The drop in the participation rate has been centered on younger workers," chief economist at MFR Inc., Joshua Shapiro says. "Many of whom have given up hope of finding a decent job and are instead continuing in school and racking up enormous amounts of student debt, which has contributed to the recent surge in consumer credit outstanding."

Economists cautioned not to read too much into one month's report, as the numbers will inevitably be revised.

"Remember that we've had a pattern of upward revisions," chief economist at RDQ Economics John Ryding says. He notes that the government on Friday revised January and February's net growth upward by a total of 61,000 jobs.

"Before we read too much into it, bear in mind we have at least two more cracks of the whip before the number is really finalized," he added.

Job gains for last month were concentrated in professional and business services and health care, while the government again shed workers, as it has been doing for most of the last four years.

Economists expect more government layoffs in the months ahead as the effects of Congress's across-the-board budget cuts make their way through the system. This so-called sequestration process does not seem to have appreciably affected the numbers in March though.

In the meantime, policy makers have started to publicly address deficiencies in the quality of the jobs being created by the private sector, in addition to their quantity.

"It's important to look at the types of jobs that are being created because those jobs will directly affect the fortunes and challenges of households and neighborhoods as well as the course of the recovery," said Federal Reserve Board member Sarah Bloom Raskin said in a recent speech.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Business & Economics

INDEBTEDNESS: One in three U.S. adults have 'debt in collections' Watch

Image of One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

By Catholic Online (NEWS CONSORTIUM)

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result. ... continue reading


LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


The poor getting power in U.S. - typical household is now worth a third less Watch

Image of The old saw goes that when only a few people are winning and more than half the population is losing, surely something is amiss.

By Catholic Online (NEWS CONSORTIUM)

The rich get richer - and the poor have children. But seriously, folks, the poor is getting even poorer in the United States. Recovery from the last big recession in 2007, hasn't really taken off as of yet. Recent studies show that the average American ... continue reading


HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


Amazon sits on slippery slope as investors pull out from company Watch

Image of Amazon, despite constant reinvestment into technology like smartphones and drones, continues to lose investors and profits.

By Catholic Online (NEWS CONSORTIUM)

Amazon lost over $16 billion in value on the night of July 26, a sign that investors were growing weary of the retail giant's repeated failures to make a consistent profit. LOS ANGELES, CA (Catholic Online) - This was Amazon's largest quarterly loss in two years, ... continue reading


The buck does stop here: Chinese currency set to close the gap between it and the dollar Watch

Image of A new study from China indicates that the Chinese yuan is likely to become the third most used international currency by 2019.

By Catholic Online (NEWS CONSORTIUM)

China's currency, the renminbi (RMB), is looking to become the third-largest international currency behind the U.S.'s dollar and the euro by 2019 said the Renmin University of China in a report published on July 20. LOS ANGELES, CA (Catholic Online) - Last year, ... continue reading


Financial consultant warns that U.S. is entering third largest stock bubble Watch

Image of A new study by financial consulting firm Smithers & Co. warns that the U.S. is entering another major stock bubble, the third largest in U.S. history.

By Catholic Online (NEWS CONSORTIUM)

A new research report by financial consultant Andrew Smithers, chairman of Smithers & Co., suggests that the U.S. is in the midst of another stock-market bubble, much like the bubbles in 1853, 1906, 1929, 1969 and 1999. LOS ANGELES, CA (Catholic Online) - ... continue reading


WARNING: The most important article you may ever read - We need a moral revolution at the top, before pitchforks appear in the street Watch

Image of In the game of plutocracy you start by owing money to the bank and as it progresses, you owe more.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

An article published in 2011 in Forbes is making the rounds again and people are talking, but despite the dust on the copy, it's a timely conversation. The article by Brendan Coffey reveals that there are four companies that control 147 other companies and those 147 ... continue reading


U.S. to shortly overtake Saudi Arabia, Russia in production of natural oil Watch

Image of In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

By Catholic Online (NEWS CONSORTIUM)

The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil ... continue reading


Unemployment among black Americans twice that among whites Watch

Image of The jobless rate among whites last month was 6.6 percent; among blacks, 12.6 percent. The unemployment rate for blacks has averaged about 2.2 times that for whites.

By Catholic Online (NEWS CONSORTIUM)

When African-Americans marched on Washington in 1963, it was under the banner of "Jobs and Freedom." There remains a great inequity with the former; the number of unemployed blacks in America remains twice as much as whites, and has remained that way for ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 15:10, 16-21
10 A disaster for me, mother, that you bore me to be ... Read More

Psalm, Psalms 59:2-3, 4, 10-11, 17, 18
2 rescue me from evil-doers, from men of violence ... Read More

Gospel, Matthew 13:44-46
44 'The kingdom of Heaven is like treasure hidden in ... Read More

Saint of the Day

Saint of the Day for July 30th, 2014 Image

St. Peter Chrysologus
July 30: St. Peter Chrysologus, Bishop and Doctor of the Church ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter