There are two reasons the jobs report was a big miss

There are two reasons the jobs report was a big miss

On paper, the month of March added a disappointing 98,000 payroll jobs to the U.S. economy, falling very short of the expected 180,000. However, economist Diane Swonk sees two obvious reasons why this occurred: changes to the retail business and foul weather. March was surprisingly cold and brought a massive snow storm to the Northeast at the very time the federal government was conducting its employer surveys. As many employees were unable to go to work due to the storm, this caused a reduction in the number of employees which show up on the payrolls for that week. Also, as the in-store retail business has taken a beating due to online shopping, major retailers such as JC Penney and Macy’s are altering their business models. This led to a decline of 30,000 retail jobs in March alone.

 

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