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March unemployment static at 6.7%

The U.S. economy added 192,000 jobs in March, which wasn't enough to offset last month's 6.7% unemployment rate. However, at an upwardly revised figure of 197,000, February pulled in more jobs than initially estimated.

According to Bloomberg, March's figure has pushed private employment past the pre-recession peak for the first time.

The total number of unemployed persons was essentially unchanged at 10.5 million in March, as was the number of long-term unemployed at 3.7 million. Both measures have shown little movement since December of last year, though the number of long-term unemployed is down by 837,000 over the year.

The industry with the biggest jobs gain was professional and business services, which added 57,000 jobs.

Construction edged up by 19,000 jobs, while industries like manufacturing, wholesale trade, retail trade, transportation and warehousing changed little.

The recent progress in the job market might push the Federal Reserve to reduce its stimulus, though interest rates may stay low for some time.


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