Pop the corks everyone, good times are back. The greatest economic recovery in this quadrant of the Galaxy since the collapse of the Alpha Centurion Empire 100,000 years ago is lifting all boats. The economy added 216,000 jobs, thus giving the regime of Barack Obama something to crow about. The Progressive media is jumping for joy and will be running Obama Boom feel good stories.
WASHINGTON (AP) — The unemployment rate fell to a two-year low of 8.8 percent in March and companies added workers at the fastest two-month pace since before the recession began.
The Labor Department reported Friday that the economy added 216,000 new jobs last month, offsetting layoffs by local governments. Factories, retailers, education, health care and an array of professional and financial services expanded payrolls.
The second straight month of brisk hiring is the latest sign that the economy is strengthening nearly two years after the recession ended.
[…]
“The U.S. labor market is finally making some serious progress. No fooling,” said Sal Guatieri, economist at BMO Capital Markets Economics.
[….]
Workers’ paychecks were flat in March. Average hourly earnings held steady at $22.87, unchanged from February. Workers have little bargaining power to demand big pay raises because the job market is still healing slowly
Read the rest: Unemployment rate falls to 8.8 pct, two-year low
According to this survey, pay didn’t increase. Thus with surging oil prices, pay really declined. This doesn’t matter, all you will hear is about the strong labor market. What the media doesn’t tell people is that this is hiring season. There was a pop in hiring last year around this time and then it fizzled. With increasing inflation, expect to see businesses slow down the hiring. The Obama Boom had a decent month, but the jobs created are not jobs that one needs to get ahead in life. Until we get good paying jobs again in the American economy, our living standards will continue their 11 year stagnation. The US is rapidly becoming the new Argentina.
Note: Lobo points out that it takes 150,000 people just to keep up with population growth. This means in reality only 66,000 net jobs were added in March.
Tags: March Jobs Report, Obama Boom
