Labor Market Turnaround?
You’ve probably already seen the news, but if not: The BLS’s labor market report for March is out, and it includes a blowout job creation number of 308,000. This is well past economists’ average expectations. The unemployment rate rose from 5.6% to 5.7%, which somewhat paradoxically may also be a signal of a stronger labor market – apparently lots of people are reentering the labor force after sitting it out for a while.
This is a big, big report, and it is almost completely good. One month doesn’t make a trend… but could it be the start of one?