Pvt sector employment rising steadily in US
A total of 2.15 lakh jobs were added in the non-farm sector in the US in March this year as the country's economy continues to recover.
Businesses have been adding jobs at an extended, record-setting clip: a total of 14.4 million jobs over the last 73 consecutive months of private-sector job growth, Labour Secretary Thomas E. Perez said in a statement on the March 2016 Employment Situation report released on Monday.
The March unemployment rate was little changed at 5 per cent. The labour force participation rate and employment-population ratio are trending up, reaching two-year and seven-year highs respectively.
Other indicators continue to demonstrate a vibrant, growing economy. Consumer confidence increased last month; the labour market continues to strengthen, with 5.5 million job openings as of the end of January and weekly initial unemployment insurance claims remain consistently low in a way we haven't seen in more than four decades.
Perez said the recovery began at just about the moment the Affordable Care Act, popularly called Obamacare, was signed into law, six years ago last week. “So much for the doomsday predictions that the ACA would wreck the economy – all it's done is bring the uninsured rate at or near an all-time low, with more than nine in 10 Americans now enjoying health coverage.”
Notwithstanding the positive growth signals, the Labour Secretary warned that challenges, especially in the manufacturing sector remain.
Work still needs to be done to restore balance to the economy, to ensure that the recovery benefits people in all communities, up and down the income spectrum. Perez said there still were many people whose “hard work isn't rewarded with fair pay, who can barely get by, let alone get ahead.”
Although average hourly earnings had increased by 7 cents in March, yet the long-range trend of flat wages, pre-dating the Great Recession by several decades, remained the greatest barrier to shared prosperity.
Greatly appreciating the move of New York and California states to adopt the nation's highest minimum wage of $15 per hour phased in over time, he said the historic step would give millions of New Yorkers and Californians a raise.
The US administration was directing its energies to strengthen the middle class and ensure economic stability to the people. It was taking steps to help low-income seniors, migrant farm workers, the people of Flint, Michigan, and young adults involved in the criminal justice system get the training that will lead to good jobs.