This morning the Bureau of Labor Statistics has released its employment situation report for March 2012:
Nonfarm payroll employment rose by 120,000 in March, and the unemployment rate was little changed at 8.2 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in manufacturing, food services and drinking places, and health care, but was down in retail trade.
- Expectations were for around 200,000. That’s far below expectations.
- The minor decrease in the unemployment rate suggests that people are continuing to leave the labor force (or not entering it).
- Those who said that the way the BLS does adjustments always causes the February report to look good appear to have been right.
- Those who said that the mild winter may have shifted some employment from March, April, and May into January and February appear to have been right.
- There will be some frenzied attempts to portray this as a good report. Will they focus on the unemployment rate?
We’d better hope that some of the swords dangling over our heads keep right on a’danglin’. The situation seems very precarious to me.
I’m not a bit surprised that drinking establishments have seen an up-tick in employment.