First, here’s the raw employment/unemployment numbers for March, not seasonally digested, mind you:
Note that the increase in the number of employed persons equals the increase in the size of the civilian labor force plus the decrease in the number of unemployed which dropped by over a half-million. The labor force participation rate remained unchanged, but the unemployment rate dropped.
Next up are the part-time stats:
The number of persons working part-time dropped by a whopping 924 thousand (588+336). That seems to be something other than “lackluster” or “disappointing” as many of the reports, including the Wall Street Journal, would have you believe. So, in this case at least, seasonal adjustment is somewhat less than helpful.
Finally, we have the Sevakis Report:
But, alas, we still have a long, long way to go . . .
Ciao,
Dennis
P.S. Happy Easter/Passover