Employers added 211,000 jobs in March

updated 10:38 a.m. ET April 7, 2006

WASHINGTON - Employers boosted payrolls by a sizable 211,000 in March in a springtime hiring burst that pushed the unemployment rate down to 4.7 percent.

“The American economy has now added jobs for 31 months in a row,” President Bush said.

The latest snapshot of the U.S. job market, released by the Labor Department Friday, suggested that an accelerating economic expansion is putting companies in the hiring mood, brightening prospects for those seeking work. That gave Bush a positive topic to discuss amid his relatively low public poll ratings.

“These millions of new jobs are evidence of an economic resurgence that is strong, broad and benefiting all Americans,” said Bush, who said his tax cuts have fueled economic gains.

Hiring gains were fairly widespread. Construction, retailers, financial activities, education and health care, and government were among the sectors posting payroll gains. That help to blunt job losses in manufacturing and in the transportation industries.

Bush said the newest figures make an argument for extending and renewing his tax cuts.

“Some are now proposing that we raise taxes either by repealing the tax cuts or letting them expire,” he said. “These are the same politicians who told us that letting the American people keep more of their own money would be reckless and irresponsible. They were wrong then and they are wrong now.”

The unemployment rate, which dropped from February’s 4.8 percent, ended up matching January’s jobless rate, which was the lowest in 4 1/2 years.

“Businesses are regaining confidence to the point where they are now actively hiring new workers,” said Lynn Reaser, chief economist at Bank of America’s Investment Strategies Group.

Employment was stronger in March than economists were expecting. Before the release of the report, they were forecasting a gain of 190,000 jobs and they said they believed the overall civilian jobless rate would hold steady.

Good news on the economy, however, hasn’t been helping Bush in the eyes of the public. Bush’s job-approval rating of 36 percent is at its lowest level in an AP-Ipsos poll

MORE FROM STOCKS & ECONOMY

Stocks & economy Section Front

Stocks slip after week of big gains   Buffett: Financial panic is over Jobless claims fall to lowest level since January Oil falls below $77 on increased supplies Wal-Mart posts 3 percent rise in profit Pay czar concerned firms could lose talent NYT: Under attack, Bernanke studies politics Dollar stumbles to 15-month low Of bats and billions: Following stimulus funds As stimulus funds trickle down, debate heats up Stocks & economy Section Front   Add Stocks & economy headlines to your news reader: