Friday, April 2, 2010
The Jobs are Back!
Good news, gloom and doomers! The backs are finally back. After two years of painful unemployment, the BLS reported that the U.S. economy added 162,000 jobs in March. So am I declaring an end to the depression (I mean, recession)? Hell no. It's great that we added 162,000 jobs in March, but let's get real. 40,000 of those jobs were temporary jobs, not real sustainable jobs. Speaking of which, 48,000 of the 162,000 jobs were Census jobs. Obviously, the U.S. Census jobs are temporary and not sustainable. So we only had an improvement of 84,000. Now, let me make myself clear, this is good news, but the long term trends in housing, commercial real estate, retail, baby boomer spending, government spending, debt and unemployment are all negative. So let's hope for the best and prepare for the worst.