Wednesday, April 7, 2010

Signaling Jobs Recovery, Payrolls Surged in March

Perhaps even more encouraging than the numbers showing a surge in homebuying in February that I shared a few days ago is the fact that jobs are bouncing back, according to this NY Times article. That means a stronger underlying foundation for the return of the housing industry. It also means that the best deals on homes are going to start going the way of the Dodo for those who wait! Procrastinators beware...


After losing eight million jobs since the recession began in December 2007, payrolls finally surged in March, the Labor Department reported on Friday. Employers added 162,000 nonfarm jobs last month. Nationwide, the unemployment rate held steady at 9.7 percent.

“We are beginning to turn the corner,” said President Obama, speaking in Charlotte, N.C., calling it “the best news we’ve seen on the job front in more than two years.”

[E]conomists saw signs in the latest report that the economy was poised to make steady, if slow, progress.

“Every major industry, except financial services and information, showed gains in employment,” John Ryding, chief economist at RDQ Economics, said. “From manufacturing, to construction, to retail, it really didn’t matter. They’re all hiring now.”

The economy has shown signs of renewal in recent months with the help of significant government spending. Analysts generally say they believe the recovery will endure even in the absence of stimulus programs.

“Strength effectively feeds itself,” said James F. O’Sullivan, chief economist for MF Global. “What happens to the labor market is key to perceptions about the sustainability of the recovery.”

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