The “unexpected” jobs numbers releases continued today, this time in a mostly-positive direction. The seasonally-adjusted 244,000 jobs gained in April was the largest since last May, and the equally-seasonally-adjusted 268,000 private-sector jobs gained was the highest since February 2006. That, along with a drop in the long-term unemployed, should overshadow an increase in the unemployment rate to 9.0%.
Further, Tom Blumer noted that, along with upward-adjustments in the numbers reported for February and March, we finally have more non-temporary private-sector jobs than we did at the official end of the recession in June 2009.
However, not all is roses and rainbows; this only reflects numbers recorded through mid-month. The question is whether the positivity in the first half of the month will overcome the negativity in the latter part.
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[...] agree with Steve at No Runny Eggs that he jobs news should overshadow the unemployment rate increase — for now. Steve also [...]
And Washington will gleefully say, “See, things are rosy with all those jobs. Now we can raise taxes and spend even more! Yeah!” These lunatics need jail time.
Except that no one in Washington has said anything like that at all.