
In spite of the continual projections of a slowing economy, the U.S. business climate continues to remain strong as companies added an additional 180,000 jobs. The 4.4 percent rate is the lowest for U.S. unemployment in five years, matching last October's.
This is surprisingly stronger than expected because of the weak housing market and the projected effects it would have on the economy.
"There's been worry that housing troubles would seep into the rest of the economy and hurt jobs but that is not happening now," said Bill Cheney, chief economist at John Hancock Financial Services. "This says employers are finding that they need people and when they need people they hire them. These are good, healthy numbers."
Not only was job creation strong, but average hourly wages increased as well, growing to $17.22 an hour in March, an 0.3 percent increase over February. Over
the last year wages of grown by a healthy 4 percent.
This is all good news as economists had been calling for about a 135,000 increase for March, which would have resulted in unemployment rising rather than falling. The economy continues to outperform most expectations.
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