The highly anticipated March jobs report out today supported what U.S. Federal Reserve Chair Janet Yellen said earlier this week: The job market is not back to normal and the Fed has more to do on the unemployment front.
This morning, the U.S. government announced that the economy barely missed expectations of 200,000 new jobs in March 2014, adding 192,000 jobs. The unemployment rate remained unchanged at 6.7%.
The lukewarm announcement was cheered mainly for its revisions for previous months – revisions from the January and February jobs reports added 37,000 positions.
However, there isn't much reason to cheer, because the economy is still struggling to gain traction.
"The BLS jobs report released this morning shows an economy that has been stuck in second gear for months," Steven Pressman, Professor and Economics and Finance at Monmouth University in Long Branch, NJ, told