The jobs data released this morning is a clear disappointment: only 120,000 jobs were added, which is less than what analysts predicted and barely enough to keep up with population growth. The unemployment rate went down slightly, to 8.2 percent, but only because the labor force shrank as people stopped looking for work.
In January and February, the economy added 243,000 and 227,000 jobs respectively. A strong recovery would feature something like 250,000 to 300,000 jobs added per month, at least, and it looked as if perhaps we were flirting with that sort of momentum. Apparently not.
One shouldn’t put too much stock in one month’s numbers, but that applies to the recent positive signs too. The bottom line is that the recovery is going forward sluggishly, if at all, and it needs a push. If it wasn’t already clear—and really, it was—the government needs to enact some serious stimulative measures.