An interesting article by Ben Casselman, published on the U.S. Friends of the Chamber of Commerce web site.
Sigh of relief. A gain of 165,000 jobs isn’t anyone’s idea of runaway growth, but it should be enough to calm fears of another “spring swoon” (a narrative we’d questioned yesterday). Moreover, March’s disappointing gain of 88,000 jobs was revised up to a much less alarming 138,000, and February’s already strong reading of 268,000 was revised up to a gain of 332,000, the best mark in nearly three years (and the best mark of the recovery after adjusting for the impact of the 2010 Census). Taken on its own, today’s report shows a job market that is continuing to make real but discouragingly slow progress; in the context of recent fears of a more significant slowdown, however, it looks significantly better.