Chairman Bennett Lauds March Employment Gains
Washington, DC—Joint Economic Committee Chairman Robert F. Bennett released the following statement on the employment report issued this morning by the Bureau of Labor Statistics. The statement was released in conjunction with a Joint Economic Committee hearing
on the employment situation, which featured Bureau of Labor Statistics Commissioner, Kathleen Utgoff.
“Today’s report of an increase in payroll employment of 308,000 jobs in March is good news for America. It is the seventh consecutive month of job gains, and brings us to a total of 759,000 jobs that have been added to U.S. payrolls in the past seven months.
“The unemployment rate edged up to 5.7% in March because of an increase in labor force participation, but remains well below its recent peak of 6.3% last June.
“Today’s report of increasing payrolls confirms a strengthening economy that we have seen in other economic indicators. Recent jobless claims reports show that both initial and continuing claims have fallen substantially from levels we saw last summer. The four-week moving average of initial claims, a sort of “tracking poll” that smoothes out week-to-week fluctuations, has fallen to a new post-recession low.
“The increase in employment in today’s report suggests that businesses have become increasingly assured that the economic expansion will endure, and they are becoming less reluctant to hire workers. In recent months, many have used the delayed resurgence of hiring for political gain, without acknowledging the dynamics of the labor market. But we have been expecting these job gains for some time, and today’s report of job gains in March begins to close the gap between expectations and actual hiring.
“While today’s focus is on employment numbers, it is important to point out that other indicators show the overall economy continues its strong growth, and this growth will translate into more jobs as the recovery moves forward. We are still seeing solid gains in households’ after-tax incomes, consumer spending remains resilient, activity in the housing market is still strong, and business activity in manufacturing and service industries remains robust.”
on the employment situation, which featured Bureau of Labor Statistics Commissioner, Kathleen Utgoff.
“Today’s report of an increase in payroll employment of 308,000 jobs in March is good news for America. It is the seventh consecutive month of job gains, and brings us to a total of 759,000 jobs that have been added to U.S. payrolls in the past seven months.
“The unemployment rate edged up to 5.7% in March because of an increase in labor force participation, but remains well below its recent peak of 6.3% last June.
“Today’s report of increasing payrolls confirms a strengthening economy that we have seen in other economic indicators. Recent jobless claims reports show that both initial and continuing claims have fallen substantially from levels we saw last summer. The four-week moving average of initial claims, a sort of “tracking poll” that smoothes out week-to-week fluctuations, has fallen to a new post-recession low.
“The increase in employment in today’s report suggests that businesses have become increasingly assured that the economic expansion will endure, and they are becoming less reluctant to hire workers. In recent months, many have used the delayed resurgence of hiring for political gain, without acknowledging the dynamics of the labor market. But we have been expecting these job gains for some time, and today’s report of job gains in March begins to close the gap between expectations and actual hiring.
“While today’s focus is on employment numbers, it is important to point out that other indicators show the overall economy continues its strong growth, and this growth will translate into more jobs as the recovery moves forward. We are still seeing solid gains in households’ after-tax incomes, consumer spending remains resilient, activity in the housing market is still strong, and business activity in manufacturing and service industries remains robust.”
