Today’s employment report shows continued signs of gradual labor market healing. Payroll employment rose significantly in March, and the unemployment rate remained constant despite a substantial increase in the labor force.
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The unemployment rate remained constant at 9.7 percent. This stability reflects roughly proportional rises in the labor force and employment, as measured by the household survey. This pattern of rising labor force and household employment has been repeated in each of the last three months. Indeed, according to the household survey, the labor force has increased by 1.1 million since December 2009 and employment has increased by 1.4 million.*
While this is the most positive jobs report we have had in three years, there will likely be bumps in the road ahead. The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative. It is essential that we continue our efforts to move in the right direction and generate steady, strong job gains.
Christina Romer is Chair of the Council of Economic Advisers
* The reported numbers are adjusted to remove the impact of revised population controls that the Bureau of Labor Statistics introduced in January 2010. Without this adjustment the labor force increased by 851,000 and employment increased by 1.11 million.
Source: White House.gov Blog Feed