Obama says we’ve turned the corner in the job losses. Don’t break out the bubbly just yet.
The Labor Department said in a report Friday that nonfarm payrolls rose by 162,000 in March, the largest gain since March 2007.
Like everything else he says, there’s a catch:
However, the 2010 decennial Census accounted for 48,000 of the employment boost last month. As those jobs will be lost in the second half of the year, economists cautioned not to read too much into the headline figure.
And another catch:
Another 40,000 of the increase came in other temporary jobs.
According to to Rea Hederman writing at NRO’s Corner:
So, the good news is that hiring has resumed and job growth should be consistent throughout the rest of the year. The bad news is that job growth is not yet robust enough to lower the unemployment rate. While hiring is likely to increase as the recovery strengthens, the labor-market recovery is going to be quite slow, especially as compared to some of the previous recessions. Part of the slack of the labor market is indicated by the fact that nominal earnings per hour actually fell in March. This slight dip is due in part to the new hires coming in at entry-level positions with commensurately lower pay. Long-term unemployment is going to remain a problem as the average duration of unemployment now exceeds 31 weeks, a new high
Related: AJ Strata’s The Liberal Faux Jobs Show Comes to Carolina!