March sees biggest US job growth in 3 years

[Cephius]

So with the healthcare talk finally dying down let's shift to... the economy!

162,000 jobs were created in March, the biggest growth in 3 years and since the financial crisis.

Disclaimer: the number is partially bloated by the 48,000 people who were hired for census purposes.

Even with unemployment remaining near 10%, job creation turning positive is a really good sign in my opinion. Sustained job growth is a big step on the road to recovery. Also, 60% of industries added jobs, showing the growth isn't being restricted to certain areas. Hopefully we'll see the unemployment number start to drop soon and get people back to work and buying things (SO I CAN GET MY GOD DAMN RAISES AGAIN).

Also for Swampy's enjoyment I give you:

http://my.barackobama.com/page/-/ima...very_mar10.jpg

Source

[Woozie]

How significant is this, really? Serious question, even though it may sound like a stupid one. Can we look at the data from March and conclude anything solid? Does this mean we're likely on the road to recovery, or could this just be some fluctuation and things wont change for a while?

We were talking about this in economics all week and my professor gives me the impression that this may not be a big deal.

[Pirian]

It's 1 month, so no, it's not a big deal. If we have more months of positive jobs growth then it'll mean something.

[Arnwulf]

It shows that companies from 60% of industries have started hiring again, which means that those new hires are now going to have income to spend, which means that demand for products goes higher, which means that more companies hire more workers to meet the new demand. Obviously only one month, but it's better than nothing.

[Beckwin]

that 168,000 is net growth for the month?

nice.

Debate about regulatory measures aside for a moment, I wonder what the economics community will say about a disastrous recession turned on it's head in a year's time via Keynesian stimulation. Friedmanite economics has dominated since the late 70s to no conclusively positive results; wonder if this will put things up for debate again.

[Kuya]

It won't. Ideologues aren't swayed by evidence.

[archibaldcrane]

And of course, if we're crediting the "stimulus packages" for the turnaround, it's a bipartisan effort - started by Bush, continued by Obama. Hopefully we'll continue to see results.

[Beckwin]

It won't. Ideologues aren't swayed by evidence.

oh I didn't mean to imply that the ideologues will change their minds, but if the field itself might open up a bit, especially when it comes to the influences the field exerts.

[Cephius]

How significant is this, really? Serious question, even though it may sound like a stupid one. Can we look at the data from March and conclude anything solid? Does this mean we're likely on the road to recovery, or could this just be some fluctuation and things wont change for a while?

We were talking about this in economics all week and my professor gives me the impression that this may not be a big deal.

You can't conclude much from a single month's worth of data, no, but I think it's significant for a couple reasons.

First, that the growth was spread across 60% of all industries, indicating widespread growth instead of being focused on one area.

Second, as others have mentioned, it shows the turnaround has been rather fast by depression standards. A year ago we were losing over 700k jobs a month.

Sustained job growth is nice but the real sign of a full-fledged "we're out of this shit" is the unemployment rate dropping. It shows employers have backed off cutting costs and are spending again. When employers spend, people get paid, they spend, and it trickles down.

So yeah, "what can we conclude from this" is pretty much that we're on the right path, and that it may be turning around faster than anticipated.

[Absolutely Virtue]

It's probably worth mentioning that 162k jobs is far fewer than the 200k that analysts predicted, and that the unemployment rate (9.7%) is actually the same as last month.

Things are moving (slowly) in the right direction. But let's not start sucking each others' dicks yet.

[Demosthenes11]

SEE GUYS
extending the patriot act and authorizing offshore drilling is ok, HE turned around this economy.

preparing myself for the retardation of the democrat club on campus next week

[Klutz]

It's probably worth mentioning that 162k jobs is far fewer than the 200k that analysts predicted, and that the unemployment rate (9.7%) is actually the same as last month.

Things are moving (slowly) in the right direction. But let's not start sucking each others' dicks yet.

But it's soooooooooooo tempting.

[Pirian]

But it's soooooooooooo tempting.

Didn't say anything about licking -- just not outright sucking yet.

[SwampdonkeyPLD]

Something's fishy when jobs are created but underemployment goes up.

[Olo401]

Can't judge anything yet.. for all we know it could be good for a little while and then fizzle out again. It all depends on the economy catching gear again, even if it's a small one.

[archibaldcrane]

Something's fishy when jobs are created but underemployment goes up.

Obama is manipulating the statistics, obviously.

Seriously though Swampy, between this and your health-care-related lack of belief in CBO figures, you might as well just say "I don't believe because I don't want to believe."

You're like the anti-X-Files.

[Jaybar]

*crosses fingers for architectural industry to boom in 2 years*

Also, weren't we supposed to have "bottomed-out" like...five months ago?

[Woozie]

Something's fishy when jobs are created but underemployment goes up.

More people looking for jobs who weren't before?

[archibaldcrane]

*crosses fingers for architectural industry to boom in 2 years*

Architects got raped in this downturn. Although my ex-gf's brother just got hired as an architect last month, so maybe there's hope?

[archibaldcrane]

More people looking for jobs who weren't before?

Pretty sure that's the only way it's possible.

HOPE!