The market is breathing a sigh of relief. The numbers were better than expected, but they still aren’t great. 45,000 of the new jobs were returning workers coming off picket lines. That takes the number right down to the expected 60k.
We are over 31 consecutive months with unemployment of 8.5% or higher. Frictional unemployment as traditionally defined by economists is 5%. By any measure, the numbers aren’t great. To get to pre-Depression/Recession (2007) levels, we need to start creating 261,200 jobs per month. Daunting.
You can read the rest at Points & Figures blog