US Hiring Reached Highest Level in 15 months in MarchBy Dipankar Das, Gaea News Network
Friday, May 14, 2010
According to a government report on Tuesday that ensures that the recovery of US labor market gained momentum. US hiring market reached to its highest level in 15 months in March because job openings went up at the same time. Hiring went up to 4.24 million from 4.01 million in February, as per the Labor Department in its monthly Job Openings. March hiring was the highest since 4.3 million people were hired in January 2009, the department said. Job market has increased to 2.69 million in March from 2.65 million the previous month.The quit rate remain unchanged at 3.1%.
“The increase in hiring corroborates evidence from payroll and household employment survey data that March was a turning point for the labor market, and we expect further improvement in coming months,” said Nicholas Tenev, an economist at Barclays Capital in New York.
US economy witnessed jobless recovery for several months. This is the fourth straight months in April that employers added jobs. The hiring rate increased to 3.3 per cent in March from 3.1 per cent in February, the department said in Tuesday’s report. But, the job openings rate remains unchanged at 2 percent.However, there are 15 million people out of work as of March. Currently, there is 5.6 worker for every job opening.
Heidi Shierholz, an economist at the Economic Policy Institute in Washington commented, although, the ratio is a significant improvement compared to 6.2 job seeker for every job in Nov, 2009, however, it is still far away where it needs to be to put this country’s unemployed workers back to work