According to the numbers released Friday morning, the unemployment rate is at 8.2 percent-- the lowest since January of 2009. But the number is not being celebrated.
According to the Washington Post, economic observers are more focused on the number of jobs added in March: 120,000. That number is significantly lower than the 240,000 added in February and not meeting the 205,000 expected for the month.
The unemployment rate can drop even with the a lower number of jobs added because it only takes into account those people actively looking for jobs and doesn't calculate the number who have stopped searching all together.
Despite the pullback in March, the economy has added 858,000 jobs since December, reported KSTP. This is the most solid four month gain in two years.
Hopes for Obama's re-election may depend partially on the the improvement in the unemployment rate and job creation; no incumbent has been in an election with unemployment rate higher than 7.8 percent since World War II.
Well this news definitely deserve celebration!Firm