The good news is that we added 90,000 jobs more than expected, and this job growth is the most in four years. Still, the unemployment rate went up and could stay there for a while. Because if our economy keeps growing and we continue to add more than a quarter million jobs per month, but can’t push down the unemployment rate…what are we supposed to do?
And to that point…the March and February jobs estimates were both revised up:
The Labor Department also revised upward the job numbers for March, saying the economy added 230,000 payroll positions that month as opposed to 162,000 reported earlier. And the nation added 39,000 jobs in February, instead of shedding 14,000.
By the way, here’s where the jobs are coming from…
In April, hiring by the Census Bureau accounted for 66,000 of the net new jobs created as the government took on more workers for the 2010 census.
The private sector increased employment by 231,000 jobs last month, up from 174,000 in March. Job growth came in almost every major industry, with manufacturing adding 44,000 jobs, professional and business services growing by 80,000 and leisure and hospitality payrolls up 45,000.
Now before anybody crows about government jobs, the private sector has just as many seasonal positions too, so save the “government is gaming the numbers” speeches. Jobs are jobs. Just ask the people who are collecting the paychecks.
Here’s a quick look at the trends…
Of course the GOP is hammering Obama for the higher unemployment rate, and that’s their prerogative…but they also don’t offer any solutions. Par for course with the current Republican leadership. Think they might want to link to their plans for job creation in the same release they’re lambasting Obama for not creating enough? Hmmm…well, I guess you can only offer solutions if you have some. So when faced with a reality where they don’t have any, they offer fear instead. Again, completely unsurprising.
This entry was posted on Friday, May 7th, 2010 and is filed under Economic recovery, Economy, Jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.