The Department of Labor reported that employment grew by 244,000 in April, which marks the third consecutive month that the economy has generated in excess of 200,000 net new jobs.
Adding to the upbeat tone, February and March were revised upward by 46,000.
Despite the favorable news on the employment front in recent months, the economy has failed to make a significant dent in the unemployment rate, and the total number of employed remains well below its peak.
Notably, the steep recessions of 1974-75 and 1981-82 were followed by robust recoveries, and the job market quickly recovered.
The much shallower and uneven recovery this time around has bred a significant amount of uncertainty and has delayed and slowed the rebound in the job market.
Although the recession has been over for nearly two years, the economy, which continued to lose jobs after the recession ended, just recently returned to the level of employment reached when the economy hit bottom in June 2009.
Though the improvement in job creation has been far from stellar, we can take some solace in the fact that job growth is ahead of what occurred following the mild 2001 recession.
Nonetheless, the economy appears to have hit a soft patch, which could further delay progress in the coming months. Stay tuned.
1 comments:
There are so many websites, talking heads discussing market blah blah trying to prove they are experts or whatever they want to call themselves but from those how many have the guts to show their live portfolio, account on how much $$ they have made.
Do you have the guts to show proof on how much you made this year and for the last couple on your live account as thats what matters at the end of the day.
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