The world was struck by the worst economic recession a couple of years back, and it all started in the United States. Around 7 million jobs were lost, something that is practically irreversible. But things are really looking up now, and it seems the worst is behind us. Last month saw the largest US job growth in the past 3 years. 162,000 jobs were created in the month, the highest in a long time, 3 years to be precise. The US Labor Department has said that job creation has leaped dramatically in the last month, after many months of losses, but this was still not enough to positively impact the unemployment rate, which stood still at 9.7%. This was still below expectations, which were that of the unemployment rate being 9.7%, but around 184,000 jobs being created.
The US Labor Department said in a released statement, "In March, the number of unemployed persons was little changed at 15 million, and the unemployment rate remained at 9.7%." The White House too seemed a little
relieved and said the economy was being mended. Christina Romer, the top economic advisor of President Barack Obama, said, "Today's employment report shows continued signs of gradual labor market healing. It will take sustained, robust employment growth to bring the unemployment rate down. Further targeted actions to spur private sector job creation are critically needed to ensure a more rapid, widespread recovery."But there are serious worrying factors we cannot ignore. Still 1 in 10 Americans are unable to find a job, something that needs to be looked into very carefully. The Labor Department also added that the number of Americans who have not had employment for the past 27 weeks increased by 4,14,000, and now totaled 6.5 million individuals.
Lastly, the stock market reaction will be known only on Monday, as things are closed for the Good Friday-Easter weekend.
