NFIB

Unemployment Rate Grows Slightly
04/05/2002

The nation's unemployment edged up slightly in March, even though 58,000 new jobs were created, a sign that the job market has yet to be affected by the economy's apparent recovery, the AP reports.

The Labor Department Friday reported that the unemployment rate rose 0.2 percent to 5.6 percent in March. Economists expect the unemployment rate will continue to climb to as high as 6 percent before it begins a steady decline.

Businesses in the service industry and local governments added the most jobs last month, balancing the losses in construction and manufacturing. Because corporate profits fell substantially last year, economists predict that companies will be slow to rehire, even as the economy rebounds.