Friday, May 06, 2011

The April Jobs Report

Here's my post after last month's release of the government's March jobs report. Basically, April's report, released this morning, stated that net non-farm jobs added was 245,000, up about 30,000 from March.

Rereading my post of last month, it's clear that, despite the so-called record number since February of 2006, the US economy is nowhere near so-called 'escape velocity.'

With a need for 8-9 million jobs, and a need for 100,000 new net jobs per month to absorb entrants into the labor force, we're nowhere near a job-creation rate that can begin to clear the unemployed this decade.

And then there's the rise in unemployment, back up to 9%, because, predictably, more job seekers lifted the rate.

Once again, despite any political spin applied by the administration, we see another month of tepid US economic job growth. Which explains continued soft demand and, thus, tepid GDP growth.

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