This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why the Good News-Bad News Jobs Report Is a Bust

NEW YORK (TheStreet) -- The March jobs report is a mixed, somewhat discouraging bag. It wasn't bad. But it wasn't the 250,000 jobs hoped for either.

The pluses: The economy added 37,000 more jobs than we thought in January and February, the mix of new jobs wasn't bad with the crucial construction sector picking up, and employers were asking their people to work more hours -- usually a sign they eventually will need to hire more.  

The minuses: Wages didn't do much. The 192,000 jobs added missed the average forecast of 206,000 and was well short of the 250,000 the most bullish economists had thought was possible.

Some key points to think about, on the plus side.

Construction added 19,000 jobs. The single biggest gap in the recovery remains the tepid pace of construction, especially in housing, now that manufacturing output is back above pre-recession peaks. Construction has now added 151,000 jobs in the last year, putting a dent in the 1.8 million-job deficit between 2006 construction employment and what we have now.

Manufacturing did okay, shedding 1,000 jobs. The plus was that the average work week in factories rose to 42 hours, a sign that hiring pressures are imminent. 

The drain from government employment was only 1,000 jobs because as hiring by state and local governments nearly offset the 9,000 lost federal jobs. Part of the case for stronger growth in mid-2014 is less interference from federal budget cuts, which are smaller this year than in the last two.

The number of discouraged workers fell to 698,000, down 105,000 in the last year and 57,000 from just last month. It's a sign that people are believing in the economy again. Work force participation also ticked up by 0.2 percentage points, to 63.2%, getting back to levels from four months ago.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $107.72 0.00%
FB $87.23 0.00%
GOOG $597.79 0.00%
TSLA $238.63 0.00%
YHOO $31.60 0.00%

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs