Reality check: While the number of new jobs added was lower in March than expected, there was a massive drop in those underemployed. The underemployed either work at a job below their level of training, or work part time and wish to work full time.
120,000 new jobs added when 200,000 was expected.
But, there was a drop of 447,000 from the position of being underemployed.
The sixth-biggest monthly drop on record.
Aka. More people who were working part time either got more hours and now work full time, or got a better job that uses their skills fully.
So - if looking at one number - it doesn't look phenomenal.
If looking at the entire report I see conditions where the slack in the labor force took a massive leap in the right direction this month.
One criticism of this recovery has been that too many jobs added are low paying jobs.
Well, a reduction in the underemployment is people moving towards better paying jobs that use their skills.
We took a leap in the right direction and somehow people called it failure.