President Joe Biden welcomed the job growth spurt. Data for February was revised higher to show , jobs created instead of the previously reported , Still, employment remains 8. Economists polled by Reuters had forecast payrolls increasing by , jobs in March.
At the current pace, many believe the more than 22 million jobs lost during the pandemic could be recouped by the end of next year. The economy added 1. The strong gains could play into fears of the economy over heating, even as ample slack remains. The Federal Reserve has signaled it would maintain its ultra easy monetary policy stance for a while to allow complete healing.
Related Coverage. Substantial further progress for the Fed? Restaurants and bars accounted for nearly two-thirds of the industry's employment gains. Construction employment rebounded by , after being depressed by harsh weather in February. Manufacturers hired 53, employees. Unless the labor market deteriorates much further, I am pessimistic about the political prospects for another major stimulus package. Only about a third of respondents thinks the stimulus has produced economic gains so far.
In this political environment it is unlikely Congress will pass a major new stimulus package anytime soon. What is more likely — indeed, what is essential — is the continuation of stimulus programs that are currently scheduled to expire.
Last week the House and Senate extended unemployment protection for workers who have lost jobs in the current recession. These protections ought to be extended until the job market improves significantly and it becomes easier for laid off workers to find jobs.
Given high unemployment in the construction and capital goods industries and federal borrowing costs that remain near a post-war low, it makes sense to invest in public capital projects over the next few years. If the federal government does not have adequate plans for such investments, it should start making them soon. Eberly and James H. Related Books. More on U. The Avenue The monthly jobs report ignores Native Americans.
How are they faring economically? Compiling state and local recipients' data is an even tougher lift. Though federal officials have been fact-checking the reports for the past three weeks, there are likely to be many mistakes.
Biden acknowledged as much in a press conference. Among recipients' biggest hurdles are accounting for part-time or short-term jobs created, for people working on multiple stimulus projects and for positions saved recovery act funding. Also, the job numbers do not include indirect positions, such as the deli worker who delivers lunch to the stimulus-funded construction sites or the concrete company that has to ramp up production to handle an increased number of contracts.
Appearing with Biden Friday, California Gov. Arnold Schwarzenegger said stimulus funds were responsible for saving or creating 62, education positions. Maryland announced Thursday that recovery funds fueled 4, direct positions. Officials also estimate that 1, indirect jobs were created or saved, while another 8, jobs were created or saved because of increased stimulus-related consumer spending. Martin O'Malley. In Massachusetts, a total of 23, residents were working because of the recovery act, said Gov.
Deval Patrick on Wednesday. The state reported to the federal government that stimulus accounted for 8, full-time direct jobs. We want to hear from people whose jobs have been created or saved by the American Recovery and Reinvestment Act. Please e-mail your stories to CNNMoney. For the CNNMoney. Special Report The Rescue. See all CNNMoney. Stimulus: How many jobs?
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