The Usual

The US economy added another 215,000 in the month of March, many of which were in the construction, retail and health care industries. This is a beat of 10k jobs versus the consensus estimate.

Unemployment rate ticks up slightly to 5%. Participation in the labor force just hit a two-year high. Most importantly, wages rise at a respectable 2.3% year-over-year pace.

The usual slow but steady improvement when you average the last three months’ worth of reports.

And the usual bulls*** from the perpetual doom crowd. With a severe case of mission creep, I might add. The argument against life as we know it continuing keeps changing. If you’re lost track, here’s a chronology:

2009: Unemployment still rising!
2010: It’s all census jobs!
2011: Job growth flattening, double dip recession!
2012: “These Chicago guys!” – it’s all fake numbers!
2013: It’s all part-time jobs and bartenders!
2014: Labor Force Participation Rate is too low!
2015: Not enough wage growth!
2016: There are no manufacturing and mining jobs!
2017: ???

Rest assured, it will always be something, until the next recession. Then the naysayers of 2009, 2010, 2011, 2012, 2013, 2014, 2015 and 2016 will all, in unison, cry out “YOU SEE!”


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