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Puck
The Texan
Joined: 05 Jan 2004
Posts: 5596
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 Fri Mar 04, 2005 6:06 pm U.S. Economy Added 262,000 Jobs in February |
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| Quote: |
Economy Added 262,000 Jobs in February
Friday, March 04, 2005
The U.S. economy created 262,000 jobs last month, the biggest gain in four months and much more than Wall Street's forecast, as auto workers returned from temporary layoffs and construction activity snapped back from a cold January, the government said on Friday.
The unemployment rate (search), however, rose to 5.4 percent from January's 5.2 percent, but the gain partly reflected an increase in workers entering the labor force, the Labor Department (search) said.
The unemployment rate is calculated from a separate statistical survey than the payroll figures. Thus, they can offer somewhat different pictures of what is happening in the labor market.
The median forecast of Wall Street economists polled a week ago was for a nonfarm payroll gain of 220,000 jobs, but a big jump in a measure of service-sector employment released on Thursday led some financial market participants to brace for a stronger number. Forecasters had expected the jobless rate to hold steady.
The latest snapshot of the country's employment climate showed job gains across a range of industries -- from manufacturing and construction to retail and business services.
The report suggested that the labor market continues to be on the mend, but it still hasn't reached full health, analysts said.
"Indicators are showing some improvement in the labor market situation but we are nowhere near where we need to be," said Ken Mayland, president of ClearView Economics.
U.S. manufacturers added 20,000 workers to their payrolls in February, the biggest gain since August. The head of the Bureau of Labor Statistics (search), Kathleen Utgoff, said much of the gain reflected auto workers returning from temporary layoffs.
In addition, construction jobs shot up by 30,000 after holding steady in January. Utgoff said construction hiring in January was likely restrained by unusually severe weather.
For workers and jobseekers, it's still a somewhat difficult employment climate, analysts said.
Workers' average weekly earnings held steady in February at $535.83, unchanged from January's figure. There were 8 million people unemployed in February with the average duration of 19.1 weeks without work, down slightly from 19.3 weeks in January.
Meanwhile, the share of the working-age population working or actively seeking a job in February was 65.8 percent, unchanged from January when this figure sank to a nearly 17-year low.
In February, the nation's manufacturers added 20,000 positions. Employment growth in factories came after five previous months of job losses. Employment gains in the manufacturing of motor vehicles and parts accounted for about half of the gain, the government said.
Reuters and the Associated Press contributed to this report.
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Republican_Man
STV's Premier Conservative
Joined: 26 Mar 2004
Posts: 14823
Location: Classified
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| Fri Mar 04, 2005 6:07 pm |
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Good news. MORE good news from the economic front.
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"Rights are only as good as the willingness of some to exercise responsibility for those rights- Fmr. Colorado Senate Pres. John Andrews
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webtaz99
Commodore
Joined: 13 Nov 2003
Posts: 1229
Location: The Other Side
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| Fri Mar 04, 2005 8:33 pm |
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I wonder how many of these "new jobs" are filled by US citizens living in the US? 
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"History is made at night! Character is who you are in the dark." (Lord John Whorfin)
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Jemah
Lieutenant
Joined: 04 Mar 2005
Posts: 209
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| Sun Mar 06, 2005 12:46 pm |
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probably not many. i hear india is a great new business venture. that's probably where they'll be going. xD the united states just looooooves their outsourcing.
and more good news from the economic front? the last time i checked, the us dollar was weak. 
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Republican_Man
STV's Premier Conservative
Joined: 26 Mar 2004
Posts: 14823
Location: Classified
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| Sun Mar 06, 2005 6:16 pm |
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| webtaz99 wrote: | | I wonder how many of these "new jobs" are filled by US citizens living in the US? |
The ones inside the US are the only new jobs counted, I believe.
-------signature-------
"Rights are only as good as the willingness of some to exercise responsibility for those rights- Fmr. Colorado Senate Pres. John Andrews
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webtaz99
Commodore
Joined: 13 Nov 2003
Posts: 1229
Location: The Other Side
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| Sun Mar 06, 2005 6:37 pm |
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| Republican_Man wrote: | | webtaz99 wrote: | | I wonder how many of these "new jobs" are filled by US citizens living in the US? |
The ones inside the US are the only new jobs counted, I believe. |
I'd be interested in seeing how that breaks down. I work at a US corporation that hires a contracting company to supply IT help, and I know for a fact that those people are in India but are being paid US dollars by a US company.
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Jemah
Lieutenant
Joined: 04 Mar 2005
Posts: 209
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| Sun Mar 06, 2005 7:39 pm |
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yes paid us dollars.. one a day. 
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webtaz99
Commodore
Joined: 13 Nov 2003
Posts: 1229
Location: The Other Side
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| Sun Mar 06, 2005 7:42 pm |
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| Jemah wrote: | | yes paid us dollars.. one a day. |
My point was that those jobs might be considered "US jobs", when they really aren't.
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"History is made at night! Character is who you are in the dark." (Lord John Whorfin)
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Jemah
Lieutenant
Joined: 04 Mar 2005
Posts: 209
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| Sun Mar 06, 2005 7:44 pm |
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oh.. oops. i feel stupid now. my mistake. sorry about that.
and your point is well made.. and probably valid. tricky. o_O
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