The month of March gave the best news for President Barack Obama, however it gave a rise to the unemployment rate. The Department of Labor released the job numbers and it shows a steady pace of employment.
The economy roars with 215,000 jobs added for the month of March and it did lead to the unemployment rate to head to 5 percent.
Nonfarm payrolls increased 215,000 last month, the Labor Department said on Friday. Data for January and February was revised slightly down to show 1,000 fewer jobs created than previously reported.
Average hourly earnings increased seven cents. While the unemployment rate rose to 5.0 percent from an eight-year low of 4.9 percent, it was because more Americans continued to return to the labor force, a sign of confidence in the jobs market.
The labor market has largely shrugged off slowing global economic growth, a robust U.S. dollar that has hurt manufacturing exports, and cheap oil prices, which have hit energy sector profitability.
Fed Chair Janet Yellen said on Tuesday that slowing world growth and lower oil prices posed a downside risk to the U.S. economic outlook, adding that she considered it appropriate for policymakers to “proceed cautiously in adjusting policy.”
Fed officials last month downgraded their economic growth expectations and forecast only two more rate rises this year. The U.S. central bank raised its benchmark overnight interest rate in December for the first time in nearly a decade.
Financial markets have almost priced out the likelihood of a rate hike at the Fed’s June policy meeting and see a roughly 47 percent chance of an increase in November and a 57 percent probability at the December meeting, according to CME FedWatch.
The employment report came on the heels of recent data showing sluggish consumer spending and weak business investment on capital in the first two months of the year, as well as some deterioration in the international trade balance.
Of course, Republicans and conservative agitators will say that the job numbers are fake. They will actually say that 1/3 of Americans aren't working (roughly 94 million).
They will continue to deny the fact that there are students in high school, stay at home spouse/parent, disabled, those in the iron college, those in college, those who were born and those died.
Births and deaths happen every freaking day. Someone just lost their job. Someone just quit their job.
The real unemployment numbers aren't relevant. Because there's so many contributing factors to why Americans chose to work or chose not to work.
Conservatives can say all the bullshit on television, radio, internet and print. But it's not true.
The lamest Congress ever, refuses to raise the minimum wage. They refuse to pass paid family leave.
They refuse to allow better safety equipment for those who work around hazardous chemicals.
But yet, say that the job numbers aren't right. The Republican Party and its allies contributed to the near downfall of our country and yet they want to reclaim the White House.