This morning we learned that the U.S. economy added 165,000 jobs in April. And the unemployment rate fell to 7.5 per cent.
Overall, the jobs report was much better than expected.
However, it continues to reflect a labour market that remains incredibly weak almost four years into the economic recovery.
Calculated Risk runs a chart every month that puts the current jobs recovery into perspective.
“This shows the depth of the recent employment recession — worse than any other post-war recession — and the relatively slow recovery due to the lingering effects of the housing bust and financial crisis,” writes Bill McBride of Calculated Risk.
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