Here’s the good news: the economy is adding jobs at a rate that leaves economists optimistic. The Labor Department released the employment data for April late last week: those numbers were fairly strong, with 165,000 jobs added. Even better was the government’s revisions of the figures from February and March—in both periods, tens of thousands more jobs were created than previously thought.
Altogether, it adds up to a healthy 196,000 jobs added per month since the beginning of 2013. On the other hand, as New Yorker blogger John Cassidy points out, other macroeconomic indicators are less promising: GDP growth, for example, remains weak. More concretely, too many people are still unemployed; the “recovery” is painfully absent for millions. The New York Times reports that “the jobless rate remains far higher than it typically would be this far into a recovery.”
As we noted, there haven’t been this many Americans unemployed for six months or more since the 1940s.