Still Not Enough

The monthly jobs report is out, and 244,000 non-farm payroll jobs were added last month, which is better than recent history, but still means that we would be over 8½ years away from the already anemic job market that existed in 2008. (8 million jobs lost, natural growth of the labor force is about q75K, so we have about 70k in job "claw back" this month.

Conversely, the unemployment rate actually rose to 9.0%, but this was not because of more entering the workforce, but fewer jobs reported in that study:

Some readers have asked whether the unemployment rate can rise even as employment is growing because more people start looking for work — and thus count as officially unemployed. Theoretically, the answer is yes. This does happen sometimes. But it didn’t happen in April. The unemployment rate rose last month because the household survey showed a decline of 190,000 jobs, not because of a surge in job seekers. That’s why there is no way to reconcile last month’s results of the household survey and employer survey. They make sense only in the context of previous months.

So, your mileage may vary on all of this.

Today's results are either better than expected but still crappy, or somewhat worse than that.