Friday, April 2, 2010

The Press is touting the creation of 162,000 jobs.

Not 9.7%.
Unemployment went up to 16.9%

It is great news that many were hired, but.....

88,000 are only temporary.
U.S. employers created jobs at the fastest pace in three years in March, but the unemployment rate held steady at 9.7%, indicating the labor market has still some way to go to recover.

The 2010 decennial Census accounted for 48,000 of the employment boost last month. As those jobs will be lost in the second half of the year, economists cautioned not to read too much into the headline figure. Another 40,000 of the increase came in other temporary jobs.

And more people stopped looking
The so-called underemployment rate--which includes everyone in the official rate plus those who are neither working nor looking for work, but say they want a job and have looked for work recently -- rose to 16.9% in March