After many months of job losses, we saw a turnaround in March when the most jobs in three years were added, according to the Labor Department. However, many say this doesn’t necessarily reflect a turnaround in the economy as a whole since one-third of the jobs came from temporary hiring for the Census.
Labor Department Stats
In a report from the Labor Department on Friday, nonfarm payrolls were shown to have risen by 162,000 in March, which is the largest gain since March 2007. This is a great improvement, especially compared to the 14,000 drop we saw in February.
While the increase for March was good news, however, it wasn’t a cause to celebrate a turnaround in the economy since the lower numbers for February marked the depressed condition caused by the blizzards that hit the East Coast and the increase for March was largely due to the temporary jobs provided by the Census.
Unemployment Still the Same
Unfortunately, unemployment is still sitting at 9.7 percent, an indicator that we still have a long way to go to see real improvements in the economy. Not too long ago, House and Senate, as well as President Barack Obama, passed a job creation bill that would help add more jobs by proving tax incentives to employers.
Hopefully, soon enough we will be able to see permanent increases similar to what we saw in March. That way, we will be able to report financial news that offers long-lasting hope.
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