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Economics

Here’s where the jobs are for March 2024 in one chart — in one chart

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Job growth totaled 303,000 in March, topping expectations, as unemployment rate edged lower to 3.8%

The U.S. labor market surprised economists with its strength once again, adding more than 300,000 jobs in March, with a few key sectors continuing to fuel its growth.

Health care and social assistance were the top sector for job gains — a common theme in recent years — adding 81,300 jobs. Government and leisure and hospitality were the next two strongest sectors, and together these top groups accounted for more than 60% of March’s gains.

Within health care, ambulatory services and hospitals combined to add 55,000 jobs, according to the Bureau of Labor Statistics. Local government was another strong sub-group for hiring, growing by 49,000 jobs.

Notably, the leisure and hospitality sector is now back to its pre-pandemic employment level, according to the Bureau of Labor Statistics. Employment in this area, which includes bars and restaurants, fell dramatically in 2020 when many such establishments were closed for health concerns.

The continued rebound of these jobs, along with strong months for sectors like construction, could be a sign that immigration is helping the labor market grow without putting too much upward pressure on wages. The Bureau of Labor Statistics noted that the labor force participation has changed little in the past year despite consistent upside surprises for job gains.

“Last year, half of the growth in the labor force came from net immigration. There were 5.2 million additional jobs last year, thanks to net immigration. It’s been the key to rebalancing the labor market. It’s a huge part of the reason we’ve got the growth that we’ve got and the disinflation that we’ve had,” Stony Brook University professor Stephanie Kelton said Friday on “Squawk Box.”

Economics

American cities are criminalising homelessness. Will that help?

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DAVINA VALENZUELA watches as sanitation workers heave most of her belongings into a garbage truck. The 33-year-old has been homeless for more than a year, and was sleeping in a dusty alley in central Fresno, the biggest city in California’s Central Valley. The truck devours bags of clothes, a stroller, a pile of hypodermic needles and around $120—much of it in change. Police officers arrest her and a friend and sit them in the back of a truck. They are given tickets for camping in a public place, which became a misdemeanour crime in September in an attempt to shrink the city’s homeless encampments. “That’s all I have right there,” she says, once her handcuffs are taken off. “I don’t know how I ended up here.”

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Economics

Pete Hegseth is purging both weapons and generals

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THE PENTAGON has been mired in chaos in recent months. Pete Hegseth, the secretary of defence, stands accused of mishandling classified information. Many of his aides have been let go over alleged leaks (accusations they deny). Top generals have been fired for no discernible reason beyond their colour or sex. The department is in “a full-blown meltdown”, says John Ullyot, a Hegseth loyalist who served as chief spokesman until April. Yet Mr Hegseth is pressing ahead with sweeping reforms that will change the size, shape and purpose of America’s armed forces.

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Economics

Where the Trump administration has science on its side  

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BACK IN JANUARY Donald Trump signed executive order 14187, entitled “Protecting Children from Chemical and Surgical Mutilation”. He instructed federally run insurance programmes to exclude coverage of treatment related to gender transition for minors. The order aimed to stop institutions that receive federal grants from providing such treatments as well. Mr Trump also commissioned the Department of Health and Human Services (HHS) to publish, within 90 days, a review of literature on best practices regarding “identity-based confusion” among children. The ban on federal funding was later blocked by a judge, but the review was published on May 1st.

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