by D. Cupples | Last month, we learned that our nation lost 63,000 jobs in February. Yesterday, we learned that the nation has lost 80,000. The New York Times reports that the unemployment rate increased from 4.8% to 5.1%.
Dean Baker, co-director of the Center for Economic and Policy Research, wrote:
"The establishment survey showed the economy losing 80,000 jobs in March, the third consecutive month of job loss. The private sector lost 98,000 jobs, the fourth consecutive decline in private sector employment. Overall, the private sector has lost 296,000 jobs over the last three months, a decline of 97,000 per month.
"Not surprisingly, the weakness in the labor market is also affecting wage growth. Wages grew at just a 2.5 percent annual rate over the last quarter, well below the rate of inflation and down sharply from the 3.6 percent growth rate over the last year. The household survey showed a 0.3 percentage point jump in the unemployment rate to 5.1 percent, while the employment population ratio (EPOP) fell to 62.6 percent, the lowest rate since March of 2005.
"The job loss in the establishment survey was widely spread across sectors, although construction and manufacturing continue to be hardest hit, shedding 51,000 and 48,000 jobs, respectively. Both residential and non-residential construction are now reducing payrolls, as overbuilding in the non-residential sector is leading developers to cut back in this sector, also. Construction employment is down by 182,000 since November and by 356,000 (4.6 percent) over the last year." (Truthout)
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