March 2004 Jobs Report -- A Big Improvement 
Jeff Lemieux
preliminary April 2, 2004

The number of jobs grew by 308,000 in March, the biggest monthly jump since 2000.  Jobs growth was revised higher in January and February as well, and the average job growth for the first three months of 2004 is now 170,000.

The unemployment rate ticked higher, from 5.6 percent to 5.7 percent last month.  The number of jobs reported in the household survey fell slightly, while the labor force grew.

For the first time since the economic recovery began in late 2001, the labor market is showing signs of real vigor.  Unemployment claims have been averaging about 350,000 in recent weeks, which is not great, but not recessionary either.  Wage and salary growth is approaching 4 percent (not adjusted for inflation) on a year over year basis.  Again, that's hardly robust, but it's no longer so worrisome.  (And it will spark higher payroll tax revenues, helping to stabilize the federal deficit).

The following links from the Centrists.Org chart page show the new data.

Outline:
updated 04.02.2004   Payroll Jobs (1993-2004)
updated 04.02.2004   Payroll Jobs (1998-2004)
updated 04.02.2004   Payroll Survey Jobs vs. Household Survey Employment
updated 04.02.2004   Jobs Lost in Last Three Recessions (by month)
updated 04.02.2004   Unemployment Rate (1993-2004)
updated 04.02.2004   Unemployment Rate (1998-2004)
updated 03.27.2004   Wage and Salary Income (1998-2004)