April 4 - March employment growth shows the economy is shifting into higher gear following a brutally cold white winter. The jobs tally for January and February were revised upward. Fred Katayama reports.
The U.S. economy is warming up after a brutally cold, white winter. Employers added 192,000 jobs in March after several weak reports that were blamed on harsh weather. And the jobs tally for January and February was revised upward. The unemployment rate held steady at 6.7 percent. Peter Tuz, president at Chase Investment Counsel, said: "This is a nice number, one of those Goldilocks numbers that is decent but not so good that it gets fears about interest rates or the economy growing too quickly. This suggests rates will stay moderate for an extended period." All the job gains came from the private sector. Construction managed to add jobs for the third straight month despite struggles seen in the housing sector. Manufacturing broke its seven month streak of gains with payrolls falling by 1,000. But auto sales are speeding up, so more production jobs may be opening up. And the average workweek grew. Wells Fargo chief economist John Silvia said more hours worked is a positive sign for production and growth in the current quarter.