Employers added most jobs in 3 years in March
POSTED: Friday, April 2, 2010 - 12:52pm
UPDATED: Thursday, April 8, 2010 - 3:40am
WASHINGTON - The nation's economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month.
The increase is the latest sign that the economic recovery is sustainable and healing in the job market is beginning. Still, the healing is likely to be slow, and most economists don't expect new hiring to be fast enough this year to rapidly reduce the unemployment rate.
The Labor Department said employers added 162,000 jobs in March, the most since the recession began but below analysts' expectations of 190,000. The total includes 48,000 temporary workers hired for the U.S. Census, also fewer than many economists forecast.
Private employers added 123,000 jobs, the most since May 2007.
There are 15 million Americans out of work. More Americans entered the work force last month, which prevented the increase in jobs from reducing the unemployment rate.