April 1, 2011

The U.S. added 216,000 jobs in March causing the unemployment rate to fall to 8.8%. That is a very modest recovery. The unemployment rate was 8.9 percent in February. Overall, the number of jobs created last month was greater than the forecast of 193,000. I’ve noticed that the fast food places are fully employed. The number follows the decline in the weekly unemployment claims, which have fallen steadily, from the mid-400,000s to the neighborhood of 385,000. Even so, the latter is a grim number indeed. But in this slowest and most sluggish of recoveries, it is a sign of somewhat fewer layoffs. Still, threats to a more robust recovery remain, including a surge in energy and food prices, with the possibility of disruptions in oil production in the Middle East continuing to weigh on the financial markets. State and local governments have also been shedding jobs as they grapple with budget woes. I wish it were an April fool.