The sector with the most absolute job growth was by far Education and Health Care. There were about 70,000 jobs added in the Education and Health Care sector in March, the second was professionalism and business services.
It is pretty interesting that there were only two sectors to experience a loss of jobs in March, as the economy seems to be on a slow down. Although, after reading about the different industries and reading the rest of the article it makes more sense. The 2 industries were wholesale trade and manufacturing. We are in a political area where global trade captures much of the attention of news outlets, with recent trade tariffs with China and the global economic slowdown. The United States manufacturing sector has been getting smaller and smaller over the years so this is not much of a surprise. Although, this was a priority of President Trumps administration and saw its first decline since 2017, which could be just the beginning of the downfall.
As an economy, it is good to see that the jobs created in March clearly out weigh the ones lost. I hope that in the future these industries have varying growth rates and can even out the job growth over time.
https://www.cnbc.com/2019/04/05/heres-where-the-jobs-are-in-one-chart.html
2 comments:
Overall, I agree with Antonio. It is very good that there were 70,000 jobs created in the month of March. The manufacturing industry has been on a decline for 30 years. The sector has gotten more and more efficient with less people. Which is obviously a good thing to extent. I believe Trump had too high of expectations for industry. I believe the recent trade tariffs with China has played a major role in the slow down in the economy not so much of the interest rate increase that Trump claims.
It is not surprising to me that education and health care are two of the sectors that are increasing in the United States in the month of March. Our economy experienced a much needed increase overall and has been on the rise throughout the spring. Also, the health care sector seems to have been growing, although it has been inconsistent in 2019, because of the baby boomers that are continuing to get older and need the health care much more. The same can be said with education, because the value of education has gone up significantly in recent years. It will be interesting to see if these continue to increase in the future, or if the importance of these sectors will level, or decrease.
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