The Employment Report -- Good Enough For Now

Fri, 02 Apr 2010 12:48:15 +0000

Hot off the virtual press is the Employment Report for March.  The key numbers are:

I say that this report is good enough for now because this is what the labor market looks like when it starts to bottom out and slowly recover -- overall job growth turns small and positive, cyclically sensitive sectors like temporary help services grow more rapidly than most, and it is tough to make progress against the unemployment rate because the number of job seekers may go up in tandem with total employment.  I was at CEA in 2003-4 as the labor market went through the bottom of its last cycle, and I am having a little deja vu.