Breakthrough Month for U.S. Job Market

[one...two...tree 2,762]

For a year, the most common Republican talking point on the economy has been a straightforward, four-word question: "Where are the jobs?" In light of the latest data from the Bureau of Labor Statistics released this morning, the GOP may need a new argument.

The American economy added 162,000 jobs in March, the Labor Department reported Friday, in a month when the government hired thousands of temporary census workers.

The unemployment rate held steady at 9.7 percent, the Labor Department said, but it is expected to worsen later this year as discouraged workers re-enter the labor force. [...]

[E]conomists said the ambiguity surrounding the data did not change the underlying prognosis for the labor market. Many believe the economy has reached a turning point and will begin adding jobs at a slow, but steady, pace.

The jobs report is easily the best we've seen since the start of the Great Recession late 2007, and the strongest overall in three years. With revised numbers for recent months, March is now the third month to show positive job growth since the start of the economic downturn, but last month's totals far exceeded the modest totals from November 2009 and January 2010.

By popular demand, I've revamped the homemade chart I run on the first Friday of every month, showing monthly job losses since the start of the Great Recession. Now, the image makes a distinction -- red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.

link

[w¡n9Nµ7 §£@¥€r 123]

I've read a lot of the reporting on this. I don't see a "breakthrough" at all. What a silly headline.

48,000 of the 162,000 are temporary Census jobs.

[I AM NOT THAT GUY 5,715]

I think this chart puts things a little more into perspective:

Edited April 2, 2010 by ##########

[Obama 2012 1,714]

I've read a lot of the reporting on this. I don't see a "breakthrough" at all. What a silly headline.

48,000 of the 162,000 are temporary Census jobs.

Yeah, I honestly wish temporary jobs all around were a separate statistic. It's erroneous to count them as actual jobs in the economic market if they are going to disappear in a couple of months.

[Dan J 277]

I think this chart puts things a little more into perspective:

Job growth is meaningless when its built in vapour. Eventually it will disappear. Which actually accounts for a large amount of the job growth under Bush. There were in industries that were overcharged by credit and an asset bubble.

Yeah, I honestly wish temporary jobs all around were a separate statistic. It's erroneous to count them as actual jobs in the economic market if they are going to disappear in a couple of months.

Any job can end at any time, how long does it have to exist to not be considered temporary?

[one...two...tree 2,762]

Job growth is meaningless when its built in vapour. Eventually it will disappear. Which actually accounts for a large amount of the job growth under Bush. There were in industries that were overcharged by credit and an asset bubble.

[w¡n9Nµ7 §£@¥€r 123]

Any job can end at any time, how long does it have to exist to not be considered temporary?

A job that only exists for a few months, once a decade?

[Usui Takumi 1,562]

Well even minus the 48,000 the US is plus 100,000....so anyway you look at it the job market has turned the corner.

Will you guys please put your charts away? Its not a republican or democrat issue...we all know the fundamentals of this recession cross more then just the bush / obama administrations. The only thing you can really pin on Bush is that he was running a budget surplus when he entered and had his policies been different we might not have quite such a high debt/GDP ratio right now.

[w¡n9Nµ7 §£@¥€r 123]

... anyway you look at it the job market has turned the corner.

Any way?

Not really.

U6 is up.

[Usui Takumi 1,562]

Any way?

Not really.

U6 is up.

Of course, people are reentering the work force because they see growth that doesn't change the fact that in March the US did not shed jobs. Economists have been preaching for months that when the job picture turns the corner unemployment will actually tick up slightly.

This isn't sudden news you know.

[one...two...tree 2,762]

Private employers added 123,000 jobs, the most since May 2007.

Manufacturers added 17,000 jobs, the third straight month of gains. Temporary help services added 40,000, while health care added 37,000. Leisure and hospitality added 22,000.

Even the beleagured construction industry added 15,000 positions, though that likely reflects a rebound from February, when major snowstorms may have kept many construction workers off payrolls.

The average work week increased to 34 hours from 33.9, a positive sign. Most employers are likely to work current employees longer before they hire new workers.

The department also revised January's job total to show a gain of 14,000, up from a loss of 26,000. February's job numbers was also revised higher by 22,000.

Still, more Americans said they were working part-time even though they preferred full-time work. When they and discouraged workers who have given up searching for jobs are included, the "underemployment" rate ticked up to 16.9 percent from 16.8 percent.

Source: AP News

[w¡n9Nµ7 §£@¥€r 123]

The average work week increased to 34 hours from 33.9, a positive sign ...

You have to squint real hard to see that positive sign

[mawilson 2,133]

The average work week increased to 34 hours from 33.9, a positive sign ...

You have to squint real hard to see that positive sign

:lol:

[I AM NOT THAT GUY 5,715]

You have to squint real hard to see that positive sign

Statistically, that doesn't even cover the rounding error. By the way, this administration is notorious in getting out the early numbers that tend to be positive, yet reluctant to accept responsibility when the adjusted numbers come out lower, as they usually do. I would wait for the household survey numbers to come out next month, before I start hanging my hat on any recovery. We still have a long ways to go, before we put this recession completely to bed. Gas prices have already started to spike again, and the new price sheets I am getting are showing major price increases. With the devalued dollar, and our heavy reliance on imported goods, I don't see how we can avoid double digit inflation this summer.

[scandal 951]

With the devalued dollar,

Oh rly?

EURUSD spot 1.3487 is getting close to its 52 week high (it last broke below 1.35 last May).

Where is this devalued dollar of which you speak?