By: M. Dinata *)
Around 126,000 additional jobs opened by employers in the United States, in March 2015. This is the lowest gain in last 12 months, when employers usually opened over 200,000 jobs each month. The US Department of Labor said, it made US unemployment rate still at 5.5%.
Severe winter weather, factory slowdowns, and dull construction activity contributed to the diminish numbers. “A range of factors including the weather and the global economic slowdown have affected economic data for the first quarter,” said Jason Furman, Chairman of the White House’s Council of Economic Advisers.
The job statistics for January and February were revised down by a combined 69,000 jobs. Meanwhile, only 62,7% of American were working or looking for work in March, it showed the lowest rate since 1978. A tiny year-over-year rise in wage of 2,1% ($0,07), also caused the actual earnings of worker were decline. It is because of people in US worked fewer time in March then in February. Many Americans were also reach their retirement age.
Cheaper gasoline and past job growth have not yet boosted consumer spending, and modest wage gains have burdened the US economy since the Great Recession ended nearly six years ago.
It reminds us about the FED statement that they still wait for the further information about the labor market to decide when they should raise the US interest rate. Many analists said it won’t happen in the near future, but if this condition happened continuosly, will the raise of US interest rate happen soon? The world better prepare!
*) The Author is Brunei Darussalam’s Contributor.