Over the past two years financial experts and economists have been monitoring changes to the unemployment rate as an indicator the country’s economic climate. However, last month the unemployment rate did not change and stayed at 9.7%.
While this is certainly a positive report, some are warning that these numbers could be a result of temporary census related jobs. The Washington Post has published an article discussing the unchanged unemployment rate; you can find a section of their story below or find the full text here.
A total of 162,000 new jobs were created on non-farm payrolls--the biggest one-month jobs gain in the past three years, but still well below what economists were predicting.
Most forecasters had expected about 200,000 new jobs to be created in March. The difference is largely attributable to fewer census workers than expected being hired by the government. But analysts say the numbers also illustrate the slow and wobbly nature of the ongoing economic recovery.
Christina Roemer, chair of the White House's Council of Economic Advisers, said the monthly employment report offered evidence of "gradual labor market healing."
"...[I]t is obvious that the American labor market remains severely distressed," Roemer said in a statement. "...While this is the most positive jobs report we have had in three years, there will likely be bumps in the road ahead."