Jobs Surge in March; Unemployment Rate Steady

Reports from the Labor Department’s Bureau of Labor Statistics shows that payrolls for the month of March surged, with the addition of 162,000 new jobs. The unemployment rate remained steady at 9.7%, according to a New York Times article:

Change in Number of Jobs in March. Source: Bloomberg

Source: Bloomberg

“To many ordinary, out-of-work Americans, the recovery may finally start to feel real.

"The key message from this report is that we've finally turned the corner," said Nigel Gault, chief United States economist at IHS Global Insight. "Going forward, we should expect things to strengthen further over the rest of the year."

Speaking in Charlotte, N.C., President Obama called Friday's report "the best news we've seen on the job front in more than two years."

"The tough measures that we took, measures that were necessary even if sometimes they were unpopular have broken this slide and are helping us to climb out of the recession," President Obama said, adding a note of caution. "It will take time to achieve the strong and sustained job growth that we need."

Nearly a third of the gains came from temporary hiring for the 2010 Census, which will continue over the next couple of months. The report was also complicated by a rebound from weather-related work stoppages in February.”