Dan Gross on NFP: Yes, it is a Trend

Dan Gross is one of my favorite financial journalists, in large part because he’s not afraid to be optimistic.  The guy wrote a book about how great it is when bubbles burst, after all!

Here’s his take on this morning’s Non Farm Payrolls report…

From Yahoo Finance:

When something happens once, it’s a phenomenon. When something happens twice, it’s a coincidence. When something happens three times, it’s a trend. That’s an old journalistic rule of thumb. And by that rule, February’s employment report confirmed that we have a trend of decent employment growth.

The headline number showed that the economy created a net 227,000 jobs in February. When the economy began to create jobs in significant numbers, analysts frequently pointed out that a job creation rate of 150,000 per month was barely enough to keep up with population growth, and wasn’t enough to make a dent in unemployment. Now we’re finally getting that growth. February marked the third straight month in which payroll jobs rose by more than 200,000. Gains could be seen in a range of industries: professional and business services, manufacturing, and health care. The construction and retail trade sectors shed positions.

It’s all happening, even if frustratingly slowly.

Source:

Jobs Report: Trend of Meaningful Growth Emerges  (Yahoo Finance)