The March unemployment rate fell to 4.5% the lowest level in nearly 10 years, with 472,000 Americans finding jobs, according to the Bureau of Labor Statistics.
The Hispanic unemployment rate also enjoyed a decrease from 5.6% in February to 5.1% in March. 1.4 million Latinos are currently looking for work. Latinos, compared to other minority groups, experienced the largest decrease in unemployment last month. The largest jobs growth came from the professional and business services sector that added 56,000 jobs in March.
Black Americans continue to experience the highest level of employment at 8.1% in February and 8.0% in March.
The bad news was in job growth, slowing from 219,000 jobs created in February to 98,000 in March. Mother Nature was blamed for the slow job growth, with winter storms in the Midwest and Northeast stalling planned construction projects
The U.S. economy is approaching a “full employment” level which means people who want a job have one. The part-time employment rate also inched down, another indicator that people are able to find full-time jobs that are seeking them. For the first three months of the year, the economy has added an average of 178,000 net new jobs a month.
Retailers continue to struggle with recent closings announcements by Sears, Macy’s and JC Penny’s – the sector lost 30,000 last month. Latinos will be especially hurt by the slowdown in the service sector where many are employed, which may effect next month’s upcoming unemployment rate.
HSN Staff Writers
HSN staff writers are a group of enthusiastic and talented creative-types that generate great story lines and write about current events with a distinctively Latino voice always respecting the audience it writes for.