But more is needed
Nonfarm payrolls jumped by 216,000 in March, including a rise of 230,000 in private-sector payrolls. Further, we saw modest upward revisions to the private sector in both January and February.
March’s 230,000 increase in private-sector jobs generated by an improving economy is the second consecutive rise north of 200,000, which is the first such back-to-back increase in five years.
Given various surveys of the employment landscape, coupled with the modest drop in weekly jobless claims, it’s safe to say that the labor market is on the mend.
Still, millions of jobs were lost in the recession and more is needed to get the labor market back on track.
Most economists believe that the economy must create at least 150,000 net new jobs each month jus to absorb new entrants into the labor force.
Of course, the recession has blunted growth in the labor force, which has contributed to the decline in the unemployment rate.
Nonetheless, the expanding and broadening economic recovery is lifting job growth and I’m cautiously optimistic that a further acceleration is on tap.
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