Economists React to the March Jobs Report: Jobless Rate ‘Increased For All The Right Reasons’
The U.S. job market stayed on track in March as nonfarm employersadded a seasonally adjusted 215,000 jobs, and the unemployment rate ticked up to 5% as labor-force participation rose to 63%. Here’s how economists and analysts reacted to Friday’s report from the Labor Department.
“The overall tone of this report was very constructive, pointing to continued positive momentum in the U.S. labor market.” —Millan Mulraine, TD Securities
“Admittedly, the unemployment rate did edge up to 5.0% last month, but it increased for all the right reasons. The household survey measure of employment shows a very healthy 246,000 gain in March. It is just that the labor force increased by an even bigger 396,000. That means the labor force has now increased by more than two million in the past five months alone. The participation rate has jumped from a low of 62.4% last September to a two-year high of 63.0% this March. This is a remarkable turnaround in terms of both its speed and magnitude.” —Paul Ashworth, Capital Economics
“Employment growth remains strong—more than strong enough to keep the unemployment rate trending down unless the participation rate keeps moving up sharply, which seems unlikely.” —Jim O’Sullivan, High Frequency Economics...MORE
