Disappointing Job Growth
One of the things that I find somewhat annoying is how President Bush talks about a strong economy. Granted we are not in a recession, but when you have job growth like this it just isn’t all that good.
Total nonfarm payroll employment increased by 110,000 in March, and the unemployment rate declined to 5.2 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Several industries added jobs over the month, including construction, mining, health care, and wholesale trade.
Yes, the decline in the unemployment rate is a good thing, but payroll job growth should normally be quite a bit larger, like 2.5 to 3 times larger. So the economy isn’t bad, but it sure isn’t great either.