Nonfarm payrolls disappointed in March, posting a 120K increase. Retail took a huge hit, losing 34K jobs and the construction industry, traditionally the lead driver out of recession, has yet to gain any real traction in creating jobs.
The BLS release notes,
Nonfarm payroll employment rose by 120,000 in March, and the unemployment rate was little changed at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing, food services and drinking places, and health care, but was down in retail trade.
The economy has a long way to go in recovering the 8.8 million jobs lost during the financial/economic crisis. Even with the 3.6 million gain in NFP since March 2010, cumulative job creation since February 2008 is still a hugely negative 5.2 million. Moving in the right direction, yes, but not even close to claiming victory.
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