Rutashubanyuma
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- Sep 24, 2010
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[h=1]Obama boosted by US jobs growth[/h] US jobs growth has now held above 200,000 for three months running, the longest such stretch since early last year
- Katie Allen
- guardian.co.uk, Friday 9 March 2012 15.06 GMT
- Article history
In a boost to president Barack Obama's pledge to keep cutting unemployment a priority, the US enjoyed th longest stretch of solid jobs growth in almost a year. Government data showed 227,000 non-farm jobs were added last month, ahead of the 210,000 rise forecast by economists.
Gains in the two preceding months were also revised higher by a total 61,000 jobs, according to the closely watched non-farm payrolls report.
Jobs growth has now held above 200,000 for three months running, the longest such stretch since early last year.
Economists said the report gave clues to more strengthening ahead in the labour market, with a surge in temporary hiring and an encouraging slowdown in public sector job cuts.
Paul Ashworth, chief US economist, at Capital Economics said the latest numbers added to evidence the US labour market had turned a corner.
"Overall, another very strong payroll report and there's every chance that March will bring more of the same," he said.
The unemployment rate, however, remained at 8.3% as expected as more people came back into the labour market after not previously seeking work.
The dollar strengthened and Wall Street opened slightly higher after the jobs report, with the Dow Jones industrial average rising 23 points, or 0.2%, to 12,931 in early trading.
Marcus Bullus, trading director of MB Capital, said the data would be welcomed by traders.
"After a week packed with good news, the markets will lap up these numbers like a draft of champagne," Bullus said."And with eurozone unemployment at record levels, the US has just added more clear blue water between it and the strugglers across the Atlantic."