Hooray, we created jobs in March! The economy is not getting worse and worse, so that’s good.
But this confirms what the ADP hinted at earlier this week: this is a jobless recovery.
Excluding census workers, we created 100K private sector jobs, give or take, which is fine, but we’ve lost over 8 million jobs since the start of the recession.
At this rate, it will take 80 months to make that up. Granted, we expect the rate to improve, but it’s also not ludicrous to think that in the early months of the recovery, we’d get a strong snapback in hiring. We haven’t yet.
If American businesses feel they can continue to grow (or maintain) profits without hiring, there’s nor reason they will.
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