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Employers Added Most Jobs in 3 Years in March
By THE ASSOCIATED PRESS
Published: April 2, 2010
Filed at 9:21 a.m. ET
WASHINGTON (AP) — The nation’s economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month.
The increase in payrolls is the latest sign that the economic recovery is gaining momentum and healing in the job market is beginning. Still, the healing is likely to be slow, and most economists don’t expect new hiring to be fast enough this year to rapidly reduce the unemployment rate.
The Labor Department said employers added 162,000 jobs in March, the most since the recession began but below analysts’ expectations of 190,000. The total includes 48,000 temporary workers hired for the U.S. Census, also fewer than many economists forecast.
Private employers added 123,000 jobs, the most since May 2007.
”It’s just the beginning of a rise in private hiring that will help sustain the recovery,” said Stuart Hoffman, chief economist at PNC Financial Services Group. ”They’re not big numbers, but they’re welcome numbers.”
Still, there are 15 million Americans out of work, roughly double the total before the recession began in December 2007. More Americans entered the work force last month, which prevented the increase in jobs from reducing the unemployment rate.
Manufacturers added 17,000 jobs, the third straight month of gains. Temporary help services added 40,000, while health care added 37,000. Leisure and hospitality added 22,000.
Even the beleaguered construction industry added 15,000 positions, though that likely reflects a rebound from February, when major snowstorms may have kept many construction workers off payrolls.
The average work week increased to 34 hours from 33.9, a positive sign. Most employers are likely to work current employees longer before they hire new workers.
The department also revised January’s job total to show a gain of 14,000, up from a previously reported loss of 26,000. February’s job numbers were also revised higher by 22,000 to show a loss of 14,000. The economy has now added jobs in three months since the recession began.
Still, more Americans said they were working part-time even though they preferred full-time work. When they and discouraged workers who have given up searching for jobs are included, the ”underemployment” rate ticked up to 16.9 percent from 16.8 percent.
And average hourly earnings fell by two cents to $22.47. That shows that high unemployment is enabling companies to hold down wages. Average weekly earnings rose by about $3 to $629.37, partly reflecting the longer work week.
Friday’s jobs report follows positive data earlier this week that showed consumers are increasing their spending and manufacturing activity is growing at its fastest pace in more than five years. Economists are increasingly confident that the nation will avoid a ”double-dip” recession, in which growth slows after a short burst at the end of last year.
The economy is likely to expand at a roughly 3 percent pace in the current January-to-March quarter, analysts predict. That’s roughly half the 5.6 percent pace seen in the final quarter of last year.
Normally, growth in the 3 percent range would be considered respectable. But the nation is emerging from the worst recession since the 1930s. Growth needs to be in the 5 percent range or higher to quickly drive down the unemployment rate. Both the Federal Reserve and Obama administration expect joblessness will remain above 9 percent through the end of this year.
Categories: Interesting Articles I have read Tags: jobs, ny times
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Gov’t Official Warns on Home Down Payment Hikes
By THE ASSOCIATED PRESS Published: March 11, 2010
WASHINGTON (AP) — The head of the Federal Housing Administration is warning that boosting the minimum down payment borrowers must provide to qualify for home loans backed by the agency could threaten the housing market.
FHA commissioner David Stevens said at a House hearing Thursday that his agency would insure 300,000 fewer loans per year if the mandatory down payment was hiked from the current level of 3.5 percent to 5 percent. That’s a 40 percent drop.
The result would a potential ”double-dip in housing prices,” because fewer people would qualify for loans, Stevens told lawmakers.
The FHA does not make loans, but offers insurance against their default. It has been insuring roughly 30 percent of new loans, and is the largest backer of mortgages to first-time buyers.
The agency said in January it would raise fees and tighten lending standards to shore up its strapped finances in hopes of avoiding a taxpayer bailout. The government agency, which has faced rising losses from foreclosed homes, has seen its reserves sink below the minimum level required by Congress.
The agency, however, is facing pressure on both sides. Democrats fear that hiking standards too much will cut off many borrowers — particularly minorities — from being able to buy homes. Republicans, however, are pushing for even tighter standards than the agency has proposed — such as the 5 percent down payment requirement.
”The question now is: Have we gone far enough?” said Rep Scott Garrett, R-N.J.
Under the proposed changes, many of which need to be approved by Congress, homebuyers would pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount. That’s an increase from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500.
Credit score requirements also will be hiked. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 now would need a down payment of at least 10 percent
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References: A Critical Interview Prep Exercise
By Kathy Keshemberg, NCRW, CCMC
Quite often I’m asked “do I provide references with my resume” – the answer is a resounding “NO”! You want to make your own first impression.
What you do want to do, however, is have a list of 3-5 references prepared to provide at the interview. Here are a few tips to help you develop an effective list and also prepare your references to maximize the information that is shared about you.
Who belongs on your list?
You want to carefully choose individuals who can speak to your professional capabilities, expertise, credibility, and accomplishments. They need to possess first-hand knowledge of your work performance. Obvious candidates will be your direct/indirect supervisors, colleagues, peers, or subordinates (current and past employers). Also consider clients, vendors, professors, and professionals from industry/volunteer associations. Take care not to include anyone who could compete for the same position, and of course, friends, relatives, or outside-work acquaintances aren’t appropriate.
What information should be included?
Make contacting your references easy for the potential employer by providing as much information as possible – email address, office, cell, and/or home phone numbers, and mailing address. Confirm with each reference the contact information that is acceptable to provide. Also include on the reference page how you know that person, i.e., direct supervisor at XYZ Company. Format the page similarly to your resume with your contact information at the top. Bring several copies of this list, as well as your resume, printed on quality stationery to the interview.
What can you do in advance to prepare your references?
There are several things you can do to ensure that your references do a good job of positively representing you. First, let them know the type of position that you will be applying for and your skills, accomplishments, education, and qualifications relevant to that position. Next, ask each reference to speak to a specific strength. For example, you might ask one reference to discuss your leadership abilities, another could talk about your problem solving skills, and the third your integrity and work ethic. Finally, be sure your reference is aware of another reference they can provide the interviewer. Quite often, knowing that you are providing people who will have good things to say, a hiring manager might ask the reference for the name of someone else who can speak about your work performance. Strategizing another name in advance will ensure the hiring manager speaks with people who will make a positive impact.
What will your past employers say?
If there is any doubt surrounding what your previous employer(s) will say, give their human resources department a call – posing as a potential employer – to confirm what they will say. Or there are professional firms that will conduct reference checks for you to determine what will be said. Being aware of this information will give you the opportunity to determine the “spin” you want to put on the information when you are in an interview situation. If there is doubt about how to handle “sticky” information, hire an interview coach for an objective opinion and assistance in figuring out how to neutralize the situation.
Finally, after you’ve landed your new job, let each reference know the outcome of your search and thank them for the contribution they made to your success
For more than two decades, Kathy Keshemberg, NCRW, CCMC and her team at A Career Advantage have been providing professionals with world-class resume consultation and writing, career coaching and personal branding services.
Learn more…
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