April 10, 2017 (STLRealEstate.News) Mixed messages are coming out of the country’s job creation, growth, and unemployment rates for the month of March as the data comes in. The U.S. jobs report indicated that hiring fell to its slowest pace in nearly a year, while the unemployment rate fell to its lowest level in nearly a decade. The official result is that employers added just 98,000 jobs in March, reported the Labor Department. It was barely half of the previous month’s gain and a potential sign of a weakening growth effect to take place in future months. Economists did weigh in, and state that these trends are common in months like March, especially one that saw tons of snowfall hammer the economic epicenters of the country.
But, on the bright side, the unemployment rate dropped to 4.5 percent, which is the lowest point it has been at since May 2007. It is presently at 4.7 percent reported the Labor Department. The unusually low jobless rate suggested a much healthier picture for a long-term economic upswing.
Economist Carl Tannenbaum at Northern Trust went on to state, “It’s very premature to conclude that there’s been an interruption of what has been fantastic momentum in the labor market.”
Most analysts agree that March was just a blip, and hiring is going to return to its place closer to 178,000, the average monthly job gain for the past three months and close to the solid monthly average for 2016. Springtime usually has business owners feeling happier and more confident about their earning potential in warmer months ahead.
To close it out, nearly half a million Americans reported finding jobs to the Labor Department. These national trends definitely hold true in St. Louis, as job growth has been slow, but unemployment has been down, making the area more desirable and hospitable for incoming families.