The United States regained 8.8 million private sector jobs, previously lost in the recession, suggesting the economy is finally on the mend. “The participation rate is rising again — which is a sign that Americans are feeling more confident about the economy and are coming back into the market to look for work,” ABC News reported Monday. American industries also created 192,000 jobs in March — a slight, but notable record.
“Despite less-than-encouraging news from the U.S. Bureau of Labor Statistics’ recent jobs report, Gallup’s Job Creation Index shows Americans’ perceptions of the job market have improved,” Gallup adds. Perhaps as a result of this confidence, a growing number of young Americans are braving the job marketing and actively pursuing jobs, financial experts add. The introduction of 8.8 million private sectors jobs was no small feat. The regrowth took “a painfully slow six years,” according to ABC. Lower debts, climbing prices and values on the housing market, and rising stocks are stabilizing American household funds. This stabilization will lead to increased spending and a job growth rate of an estimated 225,000 new positions per month, economists project.
The promising news comes with several caveats. The U.S. population also experienced considerable growth. For that reason, the unemployment rate remains solidly at 6.7% — despite economic gains and the creation of nearly 9 million new jobs. Public sector jobs are still considerably behind — with 400,000 jobs still lost to the recession. Staples, for example, announced that it will be closing 225 stores in March, thereby eliminating thousands of jobs. Shares have already dropped by as much as 10%.
Experts add that lower-paying industries also added the most jobs, while higher-paying ones added an insignificant amount or — in some cases — even cut jobs in the recent fiscal year. Even so, economists remain confident. “Steady hiring, greater business and consumer confidence, and fewer government spending cuts should accelerate growth to about 3 percent for the rest of this year,” ABC News predicts.