Longer Workweek results in equivalent jobs of 329,000 more jobs

[Bill USA]

http://www.cnbc.com/id/100542987

The 236,000 jobs the economy added in February lifted markets Friday — and hidden in the details of the jobs report may have been the equivalent of 300,000 more.

That's because the average workweek inched up to 34.5 hours last month, up from 34.4 in January and 33.8 in 2009. It's also within sight of the 34.7 hours per worker per week when the economy peaked in 2006.

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That means employers are near the end of their ability to get more work done by extending workweeks, said Drew Matus, an economist at investment bank UBS. If demand keeps rising — not a certainty with federal budget cuts that began March 1 — hiring should accelerate through the year, he says.

"If people working hourly get more hours, it's more money in their pocket,'' said Matus, who estimated that the gain in hours, multiplied by all private-sector workers, was the equivalent of 329,000 new jobs. "It leads to more demand, more retail hiring and eventually more hiring generally.'' [/font]
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